Cyfrowy Polsat Aktie

Good morning. We are extremely pleased to welcome all the guests gathered here for today's event. We warmly welcome our key business partners as well as representatives of financial institutions in the capital market. We also warmly welcome the media representatives present in the room. Also with us today are members of the Polsat Plus Group's Supervisory Board as well as members of the Boards of Polsat Plus Group companies and key managers. We thank you for coming and wish you an inspiring meeting. Let's begin.

Presenting the CEO of Polsat Plus Group, Piotr Zak.

Welcome, everyone. A very warm welcome to you all. Thank you very much for such a kind welcome and applause, but applause also to you for being here, for coming here for us. Thank you, and a special welcome, Mr. Zygmunt Solorz, present with us in the room today. Thank you for coming.

Ladies and gentlemen, I am incredibly happy that we are meeting right here. We are in our largest production hall with 2,400 square meters of production space around us. This is our largest hall in our context at Lubinowa, one of the most modern in Poland and in all of Europe. So an amazing place, as you can see by the scale of this production. However, the truth is that we are only in half of this hall because behind us is a giant wall that we can remove within 2 hours to open up the other half of the hall. There is twice as much space. Unfortunately or fortunately, at the moment, Must Be the Music is being produced on the other side. The set is being built. So a little bit of advertising for Polsat TV. We invite you to Must be the Music only on Polsat starting next spring. However, I'm not the best person to introduce our television programs. We have our beloved announcer here with us, a voice from beyond, if you could announce it, please.

Of course, Mr. CEO, Must Be the Music, Must Be the Music returns to Polsat TV this spring. It is an iconic program that has paved the way for the careers of many Polish artists. Must Be the Music returns this spring every Friday at 9:00 p.m. on Polsat TV.

Big applause. Thank you. Ladies and gentlemen, take it easy. We are not here just to advertise Polsat TV, but we will be talking about the strategy of the entire Polsat Plus Group for the coming years. And this is an important day not only for the Polsat Plus Group, but also for me personally. This is a strategy I have worked very hard on. This is the first promise I have kept for you. I promised that we would meet at the end of October for the strategy presentation, and here we are. So please check off the first box.

But it is also a strategy of a new generation while respecting the entire heritage of this group of thousands of people who have put their hearts into it, who have put their lives into it. So starting today, we are beginning something new. Starting today, we move forward the future. Starting today, we think progressively growing ambitiously and innovatively, and that is why we are here today to kick off this process. I have an idea for it. I have a vision for it. I will tell you all about it in a moment. But before we get to that, let's look at where we are today, what the Polsat Plus Group simply is today.

Polsat Plus Group, Polsat Television, the largest broadcaster in Poland. We reach over 30 million residents in Poland every month with our content. Plus network operator, 11 million voice and Internet services, nearly 71,000 B2B clients. Polsat Box, millions of Poles in several million apartments and homes have our satellite TV services. Polsat Box Go, the largest provider of online TV channels. To this, we add, of course, the most important streams, everything in one application. Polsat Media, the largest advertising broker on the market, a 40% market share in Poland. In total, we manage 106 TV channels, not only Polsat, but also other broadcasters increasingly available online, too.

Netia, our fiber optics, over 3.4 million households in our network reach, over 50,000 kilometers of fiber. And believe me, building all of this over the years was quite a challenge. Interia, for many months, month after month, #1 in the web portal rankings in Poland. Over 20 million unique users use our services every month. Let's not forget the real estate division, almost 40 hectares of beautiful land, Port Praski, a new district of Warsaw. A beautiful view of the old town, a beautiful view of the city center. A large part is already built up, but much is still ahead of us. And let's not forget, of course, energy over 480 megawatts depending on how the sun shines in photovoltaic farms, wind farms and from biomass units.

All of this combined creates the Polsat Plus Group today, unique in Poland, the largest media and telecommunications group in Poland. A similar group simply does not exist here. I have the pleasure of managing a truly unique asset where thousands of people work, and I'm very proud of that, but I also realize how great this responsibility is.

Six months ago, we took on the challenge of creating this strategy for you, and we really had to think from the ground up about who we are and what distinguishes us. What is our competitive advantage? And what should we build on in the future? And here, I spoke with everyone, external advisers, employees within the organization and friends, people completely unrelated to our organization to extract the essence of our organization. And really, 2 or 3 elements kept repeating, which I would like to tell you about because it is simply important in the context of building this vision and this strategy.

The first thing that kept repeating is the number of daily contacts we have with the customer. We are not an organization that sends out a bill once a month, serving as our only contact with the customer. Now, we have that contact several, a dozen or even dozens of times a day, due to how our customers use our services whether they're watching something on TV, calling friends or loved ones on the phone, streaming content or using mobile or home Internet. There are simply a great many of these touch points between our customers and it's every single day.

What is related to this, but has slightly different implications is the fact that we simply know our customers. Over the last few decades, we have built such a relationship with our customers that our brand recognition in Poland is almost 100%. Someone would have had to arrive in Poland quite recently, not to have heard of at least one of our products. And our knowledge of our customers is also incredibly good, where other organizations look through the lens of a single service or just one slice of our customer's life, we see how all these pieces fit together. We simply see their entire behavior in one place within our systems and databases through the diverse contacts we have with our customers every day.

So that is what sets us apart. That was the trait that appeared most often among those I spoke with. And now how are we using this? And how have we used it over the last few years? In 2 ways. This also came up repeatedly. First of all our Polish identity and locality. On one hand, we operate only in Poland. We have no foreign branches. Our customers are right here. What does that mean that we can focus on them. We are not distracted. We don't have to worry about the different preferences of people abroad or in other markets. We focus right here in Poland.

On one hand, we are only in Poland, but on the other hand, we are across all Poland. Excuse me, I'm blocking the view here. However, you can see on the screen, our fiberoptic network, almost every city in Poland are broadcasting stations. That's certainly not even a fraction of all we have in Poland and a big balloon representing our headquarters, our hearts, our emotions here over Warsaw, over Lubinowa, our production centers, Polsat Television.

So on one hand, we are only in Poland, and we know our customers here. But on the other hand, we are throughout all Poland locally in every city close to our customers, close to what they need. Because we are in Poland, we are able to make decisions quickly. We don't have to send a memo to a foreign headquarters asking for permission in the States or in Germany, whether we can do something or thank someone, right?

I have an example from just the last few weeks. I think Maciej was the first to call me 20 minutes after our volleyball players won the European championship. I got a call, "Hey, something incredible has happened for Poland. There's a lot of social excitement around this. We are proud of our volleyball players. We should reward them in some extra way. We should launch an advertising campaign around this and start promoting it". Within 20 minutes, the decision was made that, "Hey, we're doing it". Our social media was fired up. Our news outlets were fired up, and finance was fired up to pay out an additional bonus. In 20 minutes, we were able to handle all of that. Something like that is not possible when you are a gigantic international corporation with its own processes. So that is once again one of those advantages we have used over the last few years.

And fourth, our scale in the Media and Telecommunications segment, we have between 20% and 40% of the market. This is a very large scale, thanks to which we can aggregate data, draw conclusions from it and get to know our customer better to provide them with the best services. This is exactly what I was saying earlier. Everything works together. These elements were the foundation for building our vision for where we want to be in the future, for how we want to look, for building our vision, and consequently, our strategy.

Without further ado, our vision. The Polsat Plus Group is the largest integrated media and telecommunications group in Poland. Using the best technological solutions in one ecosystem, we connect audiences, network infrastructure, content and advertising. And artificial intelligence allows us to respond quickly and accurately to changing customer needs. Our ambition is to be present in every area of the digital world, in every aspect of the lives of our viewers and our individual and business customers.

Condensing the goal of the entire group into 1 or 2 segments, first of all, it is very difficult. It is not an easy task, but it is also an incredibly important tool because it allows us to define what we want to focus on in the future. What is our essence? What is most important to us? And every word in this vision is important, but the absolutely most important word is ecosystem, meaning the way in which all our services coexist and harmonized to provide our customer with the best service at the end of the day. From this vision, the purpose of our meeting directly follows, the strategy, a set of tools and goals that we must achieve in the meantime to lead us to that place to fulfill this vision in the near future, 3 years, 4 years, 5 years, 6 years ahead.

So moving on to our strategy, Polsat Plus Group focus, what you have all been waiting for. Our strategy will consist of 4 basic pillars. If anyone wants to take anything away from this meeting, these are the most important slides. So please take notes. Four points, first, a focus on media and telecommunications, a review of options for res and real estate; number two, strategic partnerships, faster growth of our core business; three, lower debt, refinancing and deleveraging; and the fourth thing, without which none of the others could happen, a new management model, driving innovation, motivation and organic growth throughout the organization. I will go through all these elements I mentioned so that you can hear about them in detail.

Focusing on Media and Telecommunications. We want to build a business that is simple, coherent and easy to understand. I think you've all been waiting for this. So if you want, and I was reading analyst notes just yesterday and the day before. I heard this was expected. So I'm convinced that you were all just waiting for this slide. Energy and real estate have significant value. They were good investments when they were made, but that doesn't mean they have to be built within the Polsat Plus Group. We want to have a clear, cohesive and transparent business.

I'm impatient by nature, for those of you who might not know me, so we have already started this process. We have already begun talks with potential clients. We have already hired reputable investment banks to help us in the process of divesting these assets. And we have already started this review of strategic options. I would like to emphasize here that we have no deadline. We have no rigid calendar. We will make these decisions when we believe they build the most value for our organization. We won't do it in a rush. We won't do it ahead of time.

The second pillar of our strategy, strategic partnerships, and this is key in the context of building our core business. As I mentioned earlier, our greatest asset is our trusted customers who trust. Oh, I see you're taking pictures in the back, but all of this will be available later, don't worry. Our greatest asset is our customers and our contact with our customers. You can't buy that. It had to be built over the last 30 years. However, technological solutions, product solutions, all those things we can acquire from external partners in a way that allows us to grow faster than we could on our own.

Let's just learn from other people's mistakes. Let's benefit from those effects ourselves. I know Maciej will describe each of these partnerships in great detail in his presentation. So I'll just quickly skim through them, so you have a rough idea of what I'm talking about. First off, Cellnex. This is an agreement already signed at the beginning of September. This is the expansion of our telecommunications infrastructure. Maciej has a big slide on this, he will welcome everyone. However, I would like to offer my thanks. I see that a delegation from [ CSU ] is with us.

Next is Vodafone. Maciej will talk a lot more about this again. This is a cooperation in the telecommunications segment aimed at increasing the number of products we are able to cross-sell. There are also cost optimizations here at the level of our call center. I know that the first workshops have already taken place. This was signed just 2 days ago. Maybe some of you have already seen it, maybe some haven't yet. However, the second partnership, and I know there is a delegation from Vodafone here. I haven't seen them yet. Mr. Jacek Passia with his team. Good morning. Welcome.

YouTube, an agreement also signed just 2 days ago, but for me personally, it's incredibly important. At Polsat TV and the entire Polsat Plus Group, we have 30,000 to 40,000 hours of content just sitting on the shelf, so to speak. And the cooperation with YouTube. Ms. Dagmara Brzezinska is here with us today. Thank you very much for coming. This is building on what we are good at. We are good at content, delivering it to as many customers as possible easy.

Google Cloud, Mr. Krzysztof Kaziow is with us. Good morning. Welcome. This is an agreement mind you that has been ongoing for a long time, as I announced it over 2 years ago, but now it is entering a stage of intensive investment. This involves selling Google Cloud products to our B2B customers. It also involves training, workshops and learning for our employees on how to use modern tools and increase their efficiency. It's also a very cool strategic cooperation over the last few years, but it will also continue in the future.

And last but not least, ElevenLabs. I announced this a few months ago. Maciej Mylik is with us present here. He is -- we all know that feeling when we call a help line. We are a little annoyed and the system on the other side doesn't want to cooperate with us, and that is not a nice feeling. Cooperation with ElevenLabs, among other things, is meant to change exactly that so that our customers are satisfied at the end of the day.

Without dragging it on, point 3 of our strategy. The third pillar of our strategy, lower debt. Anna will talk about this in her part of the presentation, providing details. However, this is incredibly important for 2 reasons: Firstly, lowering our net debt-to-EBITDA ratio to below 2.5x by 2030. That is our goal. This will allow us to unlock the dividend potential for the Polsat Plus Group from that moment on.

On the other hand, freeing up capital and lowering debt gives us flexibility to act. We are able to make investment decisions faster and more efficiently when they arise rather than juggling our possibilities and pushing certain elements into the future because we simply cannot afford them at that given moment. So flexibility and dividend potential from 2030 onwards.

Employee core, the one I already touched upon a little bit in April when I met with you, that is a new management model. We started by implementing a new model, an incentive model for top management. This has proven to be a very big success, at least so far. I personally see the commitment of our teams. I see the engagement of our employees, looking at the results they want to achieve at the end of the day.

So I would like our employees to be promoted for their courage, ambition, innovation, introducing new solutions, implementing artificial intelligence and the skills to use these tools. And it really is my responsibility. The responsibility of the supervisory and management Boards to implement and instill this model and this sense of responsibility for their future among all our employees so that everyone feels co-responsible for improving and making things better.

For all the managers here in the room, I'm convinced we all know that feeling or at least I know it, where I walk into a meeting and ask the question why, why are we doing this? Why are we doing it this way? And someone looks at me with a blank face and says, "Well, we've always done it this way." I'm allergic to these kinds of answers. I know we've always done it this way, and there's probably a reason for it, but let's consider why is that? Why does the decision-making process look like this? Why does the investment process look like this? Let's think about it. Could something be done better? Maybe there's a newer tool than the one created 30 years ago to manage a system. Maybe we are able to introduce something more modern, and these are the values I would like to instill in every person working in our organization.

And it's not just about systems and processes, but about the people I'm talking about. We need a new generation of managers. And to be clear, I'm not talking about age here because it is not about age. The key is the desire, ambition and willingness to learn new competencies and develop, developing in the digital world, developing skills and using AI and using new technological solutions. And I want to start this ambition, this emotion in everyone.

These were the 4 pillars of our new strategy. Bartek, Maciej and Anna will tell you about them in detail in a moment. However, I will just summarize why all of this -- why we are doing all this. I think it is quite obvious. We want this to be an amazing place to work, an amazing place for shareholders, an amazing place for investors so that everyone can be proud to cooperate, co-exist and invest in the Polsat Plus Group.

We simply want to increase the value of our group and all my actions. All our actions are directed precisely towards that. The most important thing, however, is not just a promise but to deliver. So I'm stepping off the stage and starting to deliver. And in the meantime, I hand over the microphone to Bartek, who will lead the next part of the presentation. Thank you all very much.

Piotr, CEO, thank you. You will be presented by Management Board Member, Bartlomiej Drywa.

Thank you very much, Piotr. A warm welcome to you all. I have the pleasure, together with Maciej and Anna, to lead the next part of the presentation.

Ladies and gentlemen, Piotr has told us all where we are headed. Our task is to tell you how we will get there. So I will have the pleasure of speaking about the main pillars of our strategy, then Maciej will take a deeper dive and tell you how we intend to grow in telecommunications, media and convergence. And then, Anna will tie it all together beautifully and give you what I'm sure you're all waiting for the final figures.

When it comes to the main assumptions, we must first answer 4 questions here. Where are we coming from? Why are we changing the strategy at all now? And what we want to focus on that has already been mentioned, but also in what time frame we want to deliver all of this? So where are we coming from? This will be brief, as Piotr has already said a lot about our businesses.

So I just want to show you what the Polsat Plus Group looks like today, but from the perspective of our segments. We have 4 segments: telecommunications, media, energy and real estate. And this is the effect of implementing the 2023+ Strategy. However, every strategy has its time. That one has been fulfilled. We have built a strong Polish group, but it is time for a change. Why? Because there is a new reality, and we have observed 4 things.

Four things happened that caused us to decide to change this strategy. Firstly, we must remember that the 2023+ Strategy was designed in 2021. That was an environment of low interest rates and low inflation. Diversification made the most sense at that time. But today, we have a new reality, and the 4 things that have changed relate, first of all, to the strategic cycle and new leadership. Piotr spoke about that. As for the strategic cycle, that strategy was delivered. All goals were achieved. That is why this is the perfect moment to do something new.

The second factor is technology and the behavior of our customers. AI, robotization, automation, streaming, all of this is developing very quickly, and content, products and services are currently reaching our customers mainly digitally.

The third thing concerns the macroeconomic environment and our approach to cost. You can see for yourselves what has been happening in the last few years, uncertainty, very high volatility. That is why our approach to cost management must be even more flexible, and that is why AI appears so often in all areas of our vision, our operations and our future actions.

And the fourth thing, probably the most important for many of you, is the allocation of capital and debt. Our holding structure clearly undervalues the group because the market does not fully see the value of each business individually. On the other hand, high debt means that we do not manage capital very effectively, so we must improve the allocation of this capital and reduce our debt.

Four changes lead to one conclusion, which Piotr mentioned earlier, mainly that we should focus on something, and we intend to focus on TMT. Why we are focused on TMT and why it is our core business was also mentioned earlier. Piotr gave you 2 key figures. Market shares in telecommunications and media is 20% to 40%. This is a position that would be a pity not to exploit. Therefore, telecommunications and content for our core business, and we have 3 primary business goals there.

The first is to continue growing through Multiplay because it is our proven growth engine where we still have gigantic potential. This is Maciej's specialty, about which I will tell you more in a moment. The second is scaling the business through strategic partnerships, which Piotr just spoke about. And the third is the use of artificial intelligence in every element of our operations so that our organization is agile and responds quickly to the changing environment. Energy and real estate are becoming noncore businesses.

In connection with this, we have initiated a review of strategic options, and this review is intended to bring us 2 goals. Firstly, simplifying the group, which is a response to the holding discount, and secondly, reducing our debt because every zloty we obtained from the sale of noncore assets will be allocated directly to deleveraging.

Let's stay for a moment with the TMT business, i.e., while we are focusing on the most. Piotr said a lot about our brands, but he also used the keyword ecosystem. I will show you what this ecosystem looks like. These are our brands, and what connects them are the 2 things Piotr mentioned. Firstly, the customer and our interaction with the customer multiple times a day. And the second thing, since we interact with them multiple times a day, why not use that to upsell another product and another product regardless of whether it is a Polsat Box Plus or Polsat Box Go customer. This is exactly our Multiplay strategy through which we intend to continue growing in the future.

And let's look now at how the partnerships we have signed overlap with this ecosystem with this ring of our assets. YouTube covers media, cooperation with Polsat Media and Polsat. Google Cloud provides modern cloud and AI solutions for the B2B segment as well as for our own organization. This is a direct cooperation with Netia and Plus. Vodafone provides solutions designed to streamline us internally while also building a great shelf of B2B solutions for our external clients. This cooperation will cover the entire telecommunications segment, meaning Netia, Plus and Cyfrowy Polsat as well.

And finally, Cellnex. Perhaps listed last, but our most important partner because they are building the most modern and largest 5G network in Poland for us. As you can see, all these partnerships perfectly encompass our entire ecosystem, from media down to the network. And this is how we intend to build our future value.

Returning for a moment to noncore assets. Piotr mentioned that we have started a strategic review process, and I will show you who we will be working with in this process. But I will start unusually with telecommunications and media. However, I must clarify immediately that for the core business, it is not about a sale. Here, we will cooperate with Société Générale. And together with this bank, we want to build further sustainable value for our TMT segment.

When it comes to green energy and real estate, that is the noncore business. In real estate, we will be assisted by a bank, and in green energy by UniCredit. And with these banks, we are looking for partners for our investments, investors willing to buy these assets from us. You know the mechanics, Piotr mentioned them. Time is not what matters, what counts above all is the price and the highest value for shareholders in order to pay off our debt as quickly as possible.

Ladies and gentlemen, we have said what and we have said how. So now it is time to tell you the schedule according to which we want to implement this. We have divided this schedule into 3 key stages in 4 areas: TMT, meaning the market side, then our operations, then our assets and finally, our finances.

The first stage, the years 2024 to 2027, the simplification and stabilization stage. During this time, we will primarily be developing the 5G network very dynamically and continuing our Multiplay strategy. When it comes to our operations -- I'm sorry, I clicked it too fast. When it comes to our operations, we are starting to optimize our business through the implementation of AI and are beginning cooperation with our partners.

Assets, that was mentioned just a moment ago. We are starting a review of strategic options, while in refinancing, we have debt reduction, investments and modernization that is the next stage 2028-2029. You may have noticed that this all overlaps because it is very fluid. We continue to develop the 5G network and strengthen our B2B digital media offering based precisely on these partnerships. We want to scale the effects of AI within our organization to become a more agile organization.

Our investments, I emphasize, will be concentrated solely and exclusively in the TMT area. However, this is accompanied throughout by high cost discipline and the consistent implementation of debt reduction. And the most important year, which is 2030 in the following years. This is a period we have called the period of realizing our ambitions. Then from a market perspective, we want to be the #1 operator, the #1 choice for all mass market B2C and B2B customers.

Regarding our organization, we want all these actions to lead to simply higher margins and for us to be much more efficient. Meanwhile, in terms of our assets, we count on becoming a purely media and telecommunications company. What is this supposed to achieve financially? Anna will talk about that in a moment, but it's about sustainable EBITDA growth in the long term and a low level of debt, which Piotr mentioned to you.

To summarize this part, the plan is very simple. First, divestment of assets, business optimization, then debt reduction, targeted TMT investments, EBITDA growth and at the end of the day, what we are all striving for, increasing the group's value for our shareholders.

That's all from my side. Now, it's probably the time for what is most interesting from a business perspective, which is telecommunications, media and convergence. Thank you all very much. Maciej, I invite you to the screen.

It will be presented in detail by the Vice President of the Management Board of the Polsat Plus Group, Maciej Stec.

Welcome, everyone. It's fantastic to be able to see you all live. So thank you very much for coming in such large numbers. Indeed, Piotr spoke about the vision, Bartek specified the goals and a bit of the schedule, and I will tell you what we will actually be doing physically on a daily basis. So I hope it will be interesting.

And let's move on to what is the essence of our business. As you know, for over a dozen years, we have been consistently implementing a Multiplay strategy. This Multiplay strategy has 2 fundamental pillars of our business, providing high-quality telecommunication services on one hand and on the other, what sets us apart? We don't just have unique content. We produce it ourselves every day.

We have built a strong Polish group. We are the #1 pay TV platform. We are the #2 mobile operator. We are a pioneer in implementing LTE, specifically LTE on the 1800 band here with Chairman Solorz. We are also a pioneer when it comes to high-speed 5G Internet on a unique 2.6 gigahertz TDD frequency, providing a wide portfolio of services that we see here. These include voice services, television, mobile Internet and fiber optic Internet.

On top of that, streaming additional services like cybersecurity and unique content. We are the #1 content producer. We are the #1 online publisher. Every day, 365 days a year, 24 hours a day, we produce 48 television channels. We are available on all devices and through all transmitters, terrestrial, digital, cable, satellite and Internet. We are simply everywhere.

What is most important in our strategy is that our Multiplay strategy combines essential services with emotions. I say it simply, these are just commodities. Today, we practically cannot function without a mobile subscription, mobile Internet or fiber optic Internet. Of course, our everyday life is a bit tough, right? Television provides us with an element of entertainment, a breather from everyday problems.

As you know, we have a very simple offer here. We introduced it in June last year as part of our Multiplay strategy, and we simplified it to the maximum. From these 4 services, we choose 2 and pay PLN 80. We add a third service, we paid PLN 30. We had a fourth service, we paid PLN 30. Our bills are very simple 80, 110, 140, 170 and we can organize entire household.

So let's say we have a 3-person household. What can we do? Free mobile subscriptions for the family. Fiber-optic Internet plus the mobile Internet say for a tablet plus television, and we have 6 or 7 of these services. But what is the essence and what is the unique of our group for unique content? And these are not bought contents. What is important is that we control and produce this content. So we have a huge advantage here because we know the needs of our viewers.

And as you probably recognize here, such flagship productions is Dancing with the Stars, Millionaires. Piotr mentioned Must Be the Music at the beginning. You are welcome because you can see there. If you walk down this corridor, you can see how the scenography for Must Be the Music is being built in the other part of this hall.

We also produced series, but what is the core of our business really and what distinguishes us on the Polish market in our entire segment are 2 segments. One is the News segment. We produced 4 news channels daily that help us live better and really know what is happening. 4 News channels here in Poland, led by Polsat News and Wydarzenia 24. But the quintessence of our business, and historically from the beginning regarding Cyfrowy Polsat, today Polsat Box is sport, which we do under 2 brands. I don't know if you are aware, but we have 2 sports brands. One is Polsat Sport, but we are also the full owners of the brands, and that is a fantastic thing because we have all the sports rights regarding volleyball, for example.

And here, we congratulate the volleyball players, and Piotr also said, indeed. I called said, "Piotr, we don't have such an obligation, but damn, this is a fantastic thing, defending the European Championship. I know the decision is difficult. We are fighting for financial results, but we should award a price", and Piotr says, "Well, what do you propose"? I say, "Well, I don't know, PLN 1 million". And Piotr Zak says, "All right, yes, indeed, we sponsor. We have been a sponsor of volleyball for 28 years, yes", and that is how the decision was made more or less over the phone to pay a bonus to the middle blockers, a fantastic thing because it really comes from the heart, not from a contractual obligation. So we have the entire middle blocker unit.

What is also important, starting next year, we will be the home of tennis, a fantastic thing here. We have all the rights to all the ATP 1000 tournaments, ATP 500 and others when it comes to men's tournaments. Here, we are cheering for [indiscernible], but, of course, also for Hubert Hurkacz, who is returning to form.

But what is cool is that from January we will also have women's tennis, meaning all the WTA 500 and WTA 1000 tournaments for women's tennis. So starting in January on Eleven Sports channels, we will be able to see Iga Swiatek, Maja Chwalinska, Magdalena Frech, Magda Linette, of whom we are immensely proud.

We have a huge amount of these rights because naturally, as a Polish company, we focus on where Polish athletes can achieve success, which is why, for example, we don't buy rights to the Champions League, we buy rights to the Conference League and the Europa League. We always play there. We try to play there.

This year, the level might still be a little too high for us for the moment because it's a Europa League and indeed Lech Poznan and Jagiellonia have to deal with tough rivals, and it's not going the best, but we are simply sticking with Polish sport.

On top of that, big brands like Formula One; the most prestigious tennis tournaments in the world, that is the Grand Slam Wimbledon and UFC Series, just a huge amount of content. So on one hand, the central goods, and on the other, unique content, and that creates our Multiplay packages.

And these Multiplay packages, we adopted in line with our new slogan. It should be simple and cheap. We are not a complicated operator that does complicated things, right? We want to be, I would say, a bit like electricity in the socket, we deliver it, it works, we bill you. And on the other hand, for daily worries, we have content.

But the most important thing for us because this is our strength, our uniqueness is what Piotr Zak said under that big time, what sets us apart? What sets us apart is that we are simply with our customers, we are a Polish company, we know their needs and that is the essence. We build one relationship, greater convenience for the customer, higher value for the customer because the more they take the cheaper it is, and we can actually do business while doing so.

Let's talk now about where we really are within our strategy, Multiplay. Multiplay has been the engine of our revenue growth and loyalty for years, which you'll observe each quarter as we report these results. I will say, yes, our business today in terms of B2C client ARPU in the first half of 2026 is an average bill of PLN 83. This client has an average of 2.4 services in the first half of 2026. But what I look at the most is what is in the middle, that is churn.

Churn, we truly have one of the lowest churn rates in the world among telecom and media operators. It is only 7.7%. Why do I monitor this indicator? Because this indicator truly testifies to the satisfaction and loyalty of our customers. Above all, if we provide high-quality services, those customers should not leave, and that proves our strategy as a success, and so the number of Multiplay customers is growing.

As you see here from 2023, in the first half of 2026, we have 3,040,000 customers. 3,040,000 customers within our Multiplay strategy. The penetration of this customer base today is 55%, but I will focus on that other piece, meaning 45% still have one service. 55% have 2 services or more, but 45% still have 1 service. What does that result in? It creates massive room for future growth for us in this core business that is within our strategy of focusing today on the TMT segment because our task -- I saw [indiscernible] here, our Head of Sales, right?

Our task is, first of all, for that 45%, that is over 2.5 million customers, to convince them to buy a second service. So that is a growth potential, I would say, of times 2. And we are happy about that in our quarterly results, of course. You tell me that our clients have as many as 2.4 services if they are a Multiplay client. But from this perspective, I see only 2.4 services because as you saw, we have 4 basic services. Additionally, streaming -- additionally, cybersecurity, those services total 6 or 7. We dreamed that in the medium term, our client will have 3 or 4 services from us so that we truly serve the households, so there is one relationship, one bill and a very convenient life with us for the next several decades.

The essence of our strategy, our focus here on TMT. And what is meant to strengthen our Multiplay strategy, our partnerships, but as you see on this slide, Piotr Zak also spoke about this at the beginning, these are not accidental partnerships, these are partnerships meant to strengthen our competitive advantage, and they are fantastic global partners: Cellnex, Vodafone, YouTube, Google Cloud. I will now say a little bit more about each of these partnerships.

And so we will start with the partnership with Cellnex, which in reality aims for what Piotr Zak also mentioned, the dynamic development of the network and even higher service quality. Our network is already fantastic today because when we look at these results, we have a strong position already today. 77% of the population, 28 million people are within the range of our 5G mobile Internet of up to 600 megabits per second. This is on that unique frequency that only we have, which is 2.6 gigahertz TDD. Already today, 5G Ultra coverage is up to 1 gigabit per second. I remind you that these are mobile Internet speeds. That is 45% of the population, 17 million people, and we have not even really developed high speed 5G and the C-band yet, meaning 3.5 to 3.6 gigahertz.

What is our ambition? And here, I truly thank Nuno, company, we have a goal that we have set for ourselves, and it is indeed very ambitious, but very great. Please take a look at this last thing. We want so that by 2028, that is within 2 years, the average speed of our Internet will be 100 megabits per second in 90%. That is why I emphasize here not population but territory. I remind you that for such life so that we can do everything effectively on the Internet, we need 10 megabits per second. 10 megabits per second supports live streaming, even on a large television, a fantastic thing.

In 2028, basically across all of Poland, we will have 100 megabits per second. So here, we are truly developing this very dynamically. We have set ourselves very ambitious goals. I can say here that these are very ambitious goals because we are indeed investing primarily in scale and quality already in 2027.

We will build 3,800 5G stations in the 3.6 gigahertz band. As you can easily calculate, there are 365 days, that is 10 stations a day, 10 stations a day. So let's realize what type of work this is. By 2031, there will be 5,000 new locations, thanks to passive infrastructure sharing. Thanks to Cellnex. Thank you very much. I would say that we indeed signed this agreement in September, and it is a fantastic thing because already today, we can boast about it.

We signed the agreement in September. And already today, we have built over 1,000 new sites, of which 650 are new locations and 350 are equipped with all the radio layers we possess on new Nokia or Ericsson equipment, a fantastic thing. Once again, thank you to Cellnex because this is indeed very important for us. Nuno, thanks a lot.

We will modernize and utilize our unique frequency spectrum because we truly are the only ones with this unique frequency spectrum. This 2.6 gigahertz TDD frequency gives us a huge amount because this is that 5G Internet of up to 600 megabits per second. So ahead of us is refarming, band aggregation and switching off 3G to maximize the use of the frequency spectrum we possess. To this, we will have 5G standalone, which will further maximize the use of this spectrum.

This is a very important matter because in the low bands, 900 and 700, if we switch off 3G, we will expand to 10 MHz LTE in the 900 band. And in the 700 band, we will be building, we are already building 5G on 5 megahertz today. So it's a fantastic thing. There will be very wide coverage. And in places where we use it, there will be extremely high speed so that many customers with the population that's concentrated can truly enjoy very fast mobile Internet.

And what is most important in this partnership is that we managed to make a deal that I would call a win-win for both sides, meaning we are investing in networks in a cost-effective way. Intensive network expansion in '27, '29 precisely with controlled cost growth. For your modeling, we have simplified this indicator here. I think this is a very cool thing, and we indeed discussed it for a long time.

We introduced it into the technical cost line, which Anna is presenting here in the reports, the technical line. And now indeed, this dynamic growth over the last 3 years, the growth of total technical costs, will be 5% to 6% CAGR in '26, '29. And this is exactly related to the stages that Bartek was talking about a moment ago. But what is probably more significant is that once we finish these investments, these technical costs will grow steadily after 2030 at a 1% to 2% CAGR over the next 5 years. This means they will be under control and will grow below inflation, giving us the opportunity to leverage our business, i.e., growth in EBITDA. That is also a very important parameter for us in the Cellnex agreement, and we thank you for that as well.

We agree that the inflation indexation of certain components we have in the contract will not exceed 4%. So I would say if inflation is 10%, we index prices by 4%. So we have security here as well regarding the cost side. What does this mean for us? For us, this partnership means greater coverage, greater network capacity, higher quality and very high cost efficiency, thanks to network sharing, thanks to the partnership with Cellnex.

Now, I will move on to the partnership with Vodafone. This is a different partnership. This is a partnership for growth and efficiency. What is significant in this partnership is, as you can see, we are utilizing Vodafone's experience and solutions to accelerate the growth and transformation of the business, a fantastic thing. We signed the agreement with Vodafone the day before yesterday at the British Embassy, which hosted us. And it's a fantastic thing because we can truly draw from the experiences of a company that has over 50 different interests when it comes to mobile operations. It is, of course, a company that has a leading position in the U.K., but also letting perhaps leader position.

As you often would say, in Germany, contrary to appearances, it is the leading #2 in Germany. And it's a fantastic thing. We are already working with them. Our teams are already collaborating here from their entire service portfolio because we have access to everything. We chose 2 of the most important things, what I simply call, quick wins. We need to find some quick wins to do something, implement it and have it. And these 2 quick wins are in 2 different segments.

First, we want to implement AI and automate our customer care, which is what Piotr Zak was talking about regarding the call center. I call it a transformation. We have 2 Cs in call center. And here, we also have 2 Cs in customer care. And we want to move exactly from call center to customer care using Vodafone and also Eleven Labs.

So this is a fantastic collaboration because Vodafone has overhauled their entire customer service system using AI. I'll explain it as simply as possible. You call, explain the problem and the system either gives the answer itself or directs you to the exact consultant who will resolve the process. Furthermore, this process is time controlled, and the customer is accurately informed about when they will receive an answer to their inquiry. A fantastic thing.

Regarding the use of AI, it is very spectacular because we get access to Vodafone's proven AI solutions and their customer service automation process. We were in Stockholm watching it live for a whole day as the people worked, but what is probably most interesting is the Vodafone benchmark. They estimated about a 20% reduction in customer service costs.

What does this mean for us? We have a line item there for marketing, distribution and so on. That line in our financial report is very broad. But I can say that we spent a few hundred million zlotys on customer care, a few hundred million zlotys. So a 20% cost reduction means dozens of millions of zlotys annually indefinitely. But that's not all because this product, this partnership to be exact, is like Best Buy in the United States, 2 for the price of 1. Yes, you walk into a store in the States, into Best Buy, and you get 2 for the price of one.

What is the second element? The potential for a significant increase in NPS and customer service quality. This is a fantastic thing. It refers exactly the churn. NPS is the Net Promoter Score, which is actually a metric of one customer recommending us to another. And here, I'm not sure if I can say this, but there were huge increases, fourfold when it comes to Vodafone's customer service quality metrics. So we have 2 in 1. On one hand, we save costs. On the other hand, the customer is more satisfied and recommends us. So we might actually be reducing churn.

Another thing here is also very good. We will develop our B2B business by leveraging Vodafone's experience and solutions to create new revenue streams and accelerate growth. It's a fantastic thing because when it comes to B2B, first of all, it's well known that the U.K. is a little bit ahead of us. Regarding this, we can draw on all those experiences regarding which segments and which products to target in small, medium and large enterprises. So that is exactly what [indiscernible] would likely say.

We probably have a customer call next week, and I believe we have a B2B assessment the week after so we will be able to determine exactly which products and which product groups have proven successful in the U.K. market. But more importantly, we also have access to their platforms, meaning we can effectively plug Vodafone's platforms into our system and start selling immediately. This means we have a shorter time to market because building such a platform to support B2B clients often takes years, and we are getting access to it.

And here are some new revenue streams because, for example -- we have the investor and banking segment present here as well, right? Everyone probably knows what a network API is, right? So all that directives, which will be in '28, if I remember correctly, related to fraud. So let me explain what a network API is. Our card makes a transaction in the Caymans, but our phone is in Warsaw. And then, we can actually know that a fraud is taking place. So the bank can block the transaction in real time. It's a fantastic thing because these are huge costs for the entire system worldwide.

Furthermore, regarding IoT devices, we will be Vodafone's partner in areas like international tenders. How does this happen today? Obviously, everyone wants to reduce the need for customers to have to do anything with their products. It used to be that for IoT to work, we had a slot for a card. We had to insert the card, activate it and so on. Today, devices arrive with the card already installed, meaning Chinese manufacturers produce for 17 European markets, and that card must work across those 17 markets. It isn't known exactly yet where the product will end up. We don't know that yet. And we will be that partner. If that product ends up in Poland, then the Internet of things will simply work in Poland on Polkomtel.

Travel is something everyone has experienced, right? Anyone who has landed in Switzerland with their personal phone and reloaded the system or turned it on, knows how much that cost. Because reloading a system in Switzerland with a mobile operator costs between PLN 500 and PLN 1,000, we haven't even used the Internet yet, and we already have a PLN 500 minus PLN 1,000 bill. So travel eSIMs are rather eSIMs that we can simply install on our phone and then choose a data package that we need in a given market.

So if we are in the States, we get a package from, for example, a local network, I don't know, AT&T, T-Mobile or whatever, and we pay, for example, I don't know, PLN 30, right, and not thousands of PLN. And this is also a fantastic thing because Vodafone also changed its strategy 5 years ago in this segment focused on all those digital ICT services. And in B2B revenues, this segment grew from 12% to about 25% over the last 5 years, a fantastic thing, and that is exactly what we are starting. We expect that all these products, the first thing that will be here will be ready by next year or early 2028. Hence, it is indeed a very big transformation.

For us, this is a cost transformation because these are huge savings in terms of customer care, but also an increase in our improvement of customer experience, a fantastic thing because today, the relationship with the customer is the most important thing for upselling products and potentially revenue growth in the B2B segment due to this international cooperation as a local network for Vodafone, but also due to products that we can sell in the future.

The partnership with YouTube is a fantastic thing because it is something like, I would say, making something out of nothing. Piotr Zak also mentioned that exactly 30 or 40. I think Piotr Zak that we have more. With just from what I remember in Poland with Polsat Box Go, they have 50,000 plus hours of our programs there, and we still have some that are not recorded, you know not digitized. However, we have made a breakthrough decision. We want to enter this partnership with a real bang, meaning we want to use our attractive unique TV content to reach a new audience.

Why a new audience? Because today, we have this split, either someone is a TV fan and continues to use television or I would say they are already active online and want to have everything available on the Internet. So some people don't go to one store and some people don't go to the other store, and that is how they are divided. So you have to be on the shelf in both stores, preferably like at a checkout counter in a supermarket. And then, it will all work out.

So we want to reach a new audience and build an additional source of revenue. And the most important thing is the last line here, the one I'm pointing at. I don't know if you can see it behind me, but most importantly, with limited investment. Why with a limited one? Yes, I confirm. We won't be producing programs specifically for YouTube, and we won't be competing with influencers either, so they don't have to worry.

We will simply upload our content to YouTube, and then, we will want to make a business out of it. As we want to make this business happen, we will reach new audiences with our content, thanks to YouTube. And here, you can see it is simply the distribution of attractive content. There is actually a trend now on YouTube among young people who watch vintage content. They want to see that Disco Relax show you produced back then, Mr. President. They would love to see it. But you know, Mr. President, we used to record over those tapes. You know how it is, right? So we lost a bit of it, but it's a cool thing. Reaching audiences we don't cover with our own channels today, so -- but what is fantastic. And we truly think this strategic partnership, and thank Ms. Dagmara and YouTube, is that the product is great because we can do business together, control monetization, maximize the value of this content.

So really, as Piotr Zak said at the beginning, this also concerns our #1 advertising agency in Poland, Polsat Media, meaning Polsat Media is able to sell ads on YouTube. So we have control over ad sales and pricing policy. If we sell the ad, we share some of the revenue, right? If we don't sell it, YouTube sells it and also shares that revenue with us. So we are maximizing the value of the video assets we own. We are increasing revenue and scaling the business. I believe these are incremental revenues.

Is it safe for us? Of course, we always look at it from that television perspective, right, because we come from television. I was also in television for 10 years, and I think, God, what if this takes away from TV, that would be a shame for TV, right? We always control it, and we can actually very easily either hold something back or not, but we can very clearly assess whether this is simply incremental revenue. So here we are counting on incremental revenue.

For us, these are new audiences that we don't have, that we don't have access to today. It's greater reach for our content. It's higher advertising value. We can also sell advertising packages based on YouTube, Interia, Polsat Box Go and all the video formats we have in the company. And ultimately, it is meant to be an additional revenue stream and an incremental one of that with very limited costs, meaning a very limited investment.

Partnership with Google Cloud. A fantastic thing here because it's the development of Google Cloud and the AI transformation of our business as well. Why am I talking about this? Because it's also a fantastic thing because look, it's a partnership where Google Cloud opens access to advanced cloud solutions, which is meant to accelerate the development of offerings for business clients.

For the first time in these solutions, these are solutions we already have today because big companies like [indiscernible], I don't know, Orange, some big player, PGE. They already have very good solutions like cloud, cybersecurity and so on.

Today, these Google Cloud solutions are effectively bringing advanced technology to the masses. It is fantastic for business clients that an everyday customer off the street can now use the latest technology that was previously available only to large companies that can piece it together for huge sums of money.

What is important is that we have had this contract for 2 or 3 years, and everyone always wonders, why is that? Because you don't have an offer, you aren't selling it. I say yes because we basically realize that it is useful for us. And here, on your congratulations because we really had a huge event in September since we, as a company, did something on September 21, you know.

Within Cyfrowy Polsat, we migrated to a new SAP, a completely new SAP, and we embedded it directly in the Google Cloud. If SAP doesn't work, the company grinds to a halt in about an hour. We did the transformation. We started it on September 21, and that was the deadline. We started on Friday at 5:00 p.m. and finished on Monday at 6:00 a.m.

Listen, what server potential? We used -- we had at our disposal 12.8 TB of RAM. We occupied nearly 70 terabytes of disk space. I remind you that an iPhone has 12 GB of RAM, 128 -- sorry, we had 128 terabytes of RAM at our disposal, fantastic stuff. So we use it ourselves, and it is an optimization for us. So it was more profitable for us to focus on transforming our business and then diversifying. We are developing and scaling our cloud and AI offerings.

What I said a moment ago, we want to introduce the same solutions, simple packages that we are very good at doing for small and medium-sized enterprises, namely cloud, AI, data and security. So imagine a pharmacy today that has an IT specialist. This IT guy keeps coming in and saying that servers have doubled in price. We have to buy this server. We have to buy some cybersecurity because data is leaking and someone got robbed their data again, right?

And together, Google Cloud and Polsat can guarantee a solution where we don't have that IT guy. We have space on the server. We have it all. If our business grows, we can scale it up and pay accordingly each month. We don't have to spend, I don't know, PLN 100,000 on a server today because we can pay PLN 1,000 monthly. This is a difficult segment, but we are building long-term revenue sources because I believe this is a cross-selling of digital services within the client base. I would call it a multiplayer in B2B, a multiplayer in B2B. Of course, it is a difficult segment to convince people that the cloud out there can be just to secure a solution as a server in my room.

So there is indeed a huge amount of work to be done, but I believe this relationship will truly be, I would say, like a lifelong marriage if someone takes these services. That is why we are developing our cloud and AI offering in B2B, transforming our business, which we are actually doing every single day. Additionally, we are building a new source of revenue, but that is not the end because there are essentially 3 super important things from our business perspective.

We still have a lot to accomplish within our business. And the first thing, which is, I would say, very important from our business point of view. We have decided to open up the Netia fixed line network. This is what Piotr Zak showed at the beginning. That is 3.4 million households. 2.5 million have access to 1 gigabit per second Internet, and this is how we are entering the whole market. We will do this next year.

So on one hand, we buy networks from others, but these networks will also be available for others to buy from us. Thanks to this, we gained new recurring revenue from infrastructure with limited capital expenditure because we already have it. We are simply saturating our existing network because we believe that by having a Multiplay strategy, that is, these services and also having control over the content, we have a very strong position and can confidently compete in our network with other operators. And in doing so, we gain new revenue streams and monetize the infrastructure.

Next is cost optimization through AI as well as automating routine tasks in the company and so on. We even let it go at the management Board level today because it used to be that way. I would say regarding AI that these presentations had to be in a specific format to look corporate and nice. I say, "Okay. Listen, just insert the group logo more or less and let's run these presentations with AI". We happen to have Microsoft and Copilot. So the data is on our internal servers. So everything regarding this AI happens safely within the company, but it gives us powerful capabilities in terms of time, which means optimized operating costs, but also more efficient internal processes.

And what is also essential in these 3 years. And here, I'm referring back to Bartek's slide. These first 2 stages, '27, '28, '29, we must simplify our systems and optimize IT costs. This is important. We are already a little used to this. We have been working on these operating systems for several years. What does it consist of? It consists of the fact that today, we have new systems and old systems for security. So we are maintaining and developing the new systems. Here, we focus more on development and maintenance while in the old systems, we focus more on maintenance and have to develop a little.

Over these 3 years, we will be shutting down legacy systems. We have a plan for this. This is also a big thing for AI. We are testing various solutions because today, we don't have to build complex SaaS systems. In some segments, AI can actually work on raw data. And for us, this is very important. Why? Because on one hand, it means lower operating costs, but I would bet on the second one.

We must have greater business agility, which Piotr Zak talked about. We have to be smarter. We have to be agile because we compete with very large global organizations. So, as a Polish company, we must be agile, smart, know the customer better, and that is what we will focus on. That's not all, Piotr Zak also mentioned this in point number 4. Yes, as far as I remember.

And this is a fantastic thing because this year, we are already running a pilot program of our incentive system. So these results will not be guaranteed by us. We might look nice standing here on this stage. Instead, it's the people sitting here. I see many faces from our team, right, the directors. We have indeed prepared an incentive system for the management staff with clear goals, which gives us higher productivity, but above all, for all of us sitting here, a higher guarantee of achieving and implementing the strategy goals, which we are presenting to you today.

To sum up, this is indeed the end on my part, so only Anna remains with the most attractive segment. In summary, the strategy, 3 levers of TMT value growth. First, Multiplay, meaning 3,040,000 customers, that is how to cross-sell a second service to 45%. On the other hand, how to turn 2.4 services per customer into 3 or 4 services, right? This is exactly what we will be working on. And thanks to this, our ARPU is also growing. You are observing how our revenues are growing. ARPU has been growing by 5% to 6% in the last quarters.

Strategic partnerships that strengthen our competitive advantage and are fantastic because all these partnerships are win-win, right, meaning, Netia's dynamic network development. We are truly building the best network in Poland on unique frequency spectrum. Vodafone means both cost optimization and cool joint businesses for the future, but also sharing experiences in the businesses we run daily. YouTube, content monetization, incremental revenues; Google Cloud, transformation of our business, which ultimately means lowering costs, diversifying risks related to RAM, server purchases and so on, because utilizing this space also leads to limited risk.

A big deal, opening the fixed line network to wholesale for other operators, which represents, I would say, 2.5 million homes passed. AI in customer service and operations means tens of millions in annual savings. IT system transformation is a powerful thing if we can retire legacy systems. There will be massive savings, and agility will increase as well. And the entire management staff, the motivation is performance-based, as this pilot program will be fully operational next year.

Yes, Piotr Zak, can you confirm?

I confirm.

Piotr Zak, all this will give a sustainable growth in TMT value. And how will we do that? We need to have optimal costs, strategic partnerships to strengthen this and revenue growth through our Multiplay strategy and new business areas.

And that's all from me. And now, the most interesting part in my opinion, because, well, for the first time ever we will show such detailed financial guidance. Anna, the floor is yours. Thank you very much.

Before you, a member of the Management Board of Grupa Polsat Plus, Anna Miller-Pytlak.

Welcome, everyone. I have the pleasure to show how these initiatives and strategic partnerships will translate into our results and our balance sheet. We are basing this on our 4 financial priorities, which we have clearly defined. These priorities will work together and reinforce each other.

The first of them is revenue growth. Regarding the B2C segment, we will rely on the proven flywheel of our business, which is Multiplay. I won't repeat what Multiplay is again. You have heard it many times, and we'll certainly hear it many more.

As for the second growth lever for revenue, we are talking about the B2B segment, where we will launch new modern products that we can deploy quickly and with low expenditure due to our strategic partnerships.

Our next, financial priority is cost optimization. Maciej has talked in detail about how we want to achieve this. Naturally, we will strive to stabilize our cost base. We will lower some of these items, and our strategic partnerships will play a role here, too. We will force work on implementing IT simplification, automation and AI solutions.

Our next financial priority is targeted investment in TMT. We will selectively choose the projects we want to pursue. These will be projects designed to grow our B2C and B2B segments. These will be projects opening our stationary network, ones that ultimately open our digital channels and ensure funds are used most effectively.

The last of our financial priorities is capital release. By this, we mean the sale of our noncore assets, specifically in the Real Estate and Energy segments. We will allocate the proceeds from the sales entirely to debt reduction. And I repeat again, the timing won't be key because we want to maintain flexibility regarding scope and structure. And the most important thing will be the value of which we sell these assets.

The first 2 priorities, namely revenue growth and savings, are meant to strengthen our EBITDA and cash flows. The next 2, meaning targeted investments in the sale of noncore assets, are intended to lead us to debt reduction and all of this is meant to build lasting value for our organization.

Let's now take a look at the time line for achieving our financial goals. From a financial perspective, the implementation of this strategy involves plans for the next few years.

We are starting ladies and gentlemen, with refinancing. This is a process that we would like to formally begin later this year. As a reminder, we have approximately PLN 7 billion in bank debt with a bullet payment due in April 2028. Additionally, PLN 4 billion in bonds mature in the year 2030. In parallel, we will be conducting a review of strategic options.

Regarding the sale of noncore assets, we are already working here, as Bartek mentioned, with renowned advisers who will support us in this process. Throughout the period of our strategy, we will keep a close eye on costs, optimize them and work on growing our revenues. Here, we will also discipline our capital expenditures and direct them where they will perform best.

And we arrive at the moment of deleveraging. This process is already happening because I recall that at the end of the second quarter, I informed you that we have a lower debt level of 3.68. However, the pace will certainly depend on the timing and value of which we sell our noncore assets as well as on how we deliver our EBITDA and cash flows.

And this leads us, ladies and gentlemen, to the 2 stages in the EBITDA, which we see here. We see this yellow color clearly. It shows us this in quite some detail, 2 stages of our strategy implementation. The first is the medium-term one, which is from 2027 to 2029. And this is a period when we are significantly modernizing our network, working on this optimization and building our EBITDA. And the next period is the harvest period when we are already in our target structure, when we are fully realizing the investments we have made and when we have high cash flows and a high level of EBITDA growth.

Ladies and gentlemen, this is probably the slide you are all waiting for, meaning these 2 stages can be seen very clearly if we look at the numbers in our financial guidance. Until the year 2029, we are going through a period of change and major transformation. And in this period, ladies and gentlemen, we have pressure on EBITDA with a CAGR of 2026 to 2029 of 23%.

Let me remind you, this is a period when our network is developing so dynamically when we reached that moment where we are competitive in terms of quality and the number of stations. The greatest pressure will fall on 2027. While later, we will have a period of stabilization and small growth. However, we then move on to the second period and the expected EBITDA from 2029 to 2030 is a large increase of 46%.

The next indicator that we will be reporting to you, but which should come as no surprise to anyone is the level of CapEx to revenue. Here, consistently, just like in previous years, since the sale of our technical infrastructure to Cellnex, we will ensure that this ratio stays within the 6% to 8% range. It is currently around 7% and will remain so in the coming years. We will direct it, as we have mentioned many times, towards very selectively chosen investments. And the most important indicator, which Piotr already mentioned, is the net debt to EBITDA ratio.

Here, our ambition is that by 2030, this ratio will not exceed the level of 2.5. We will be a deleveraged strong group that will realize high cash flows and high EBITDA values. Everything we have talked about today leads us to one overarching goal, which is long-term value creation. We want to achieve this by 2030 by organizing and simplifying our structure creating strong financial foundations and reducing our debt to a safe level. By 2030, we want to rebuild the potential for dividend payments for you.

Thank you very much.

Anna Miller-Pytlak, thank you. Ladies and gentlemen, CEO Piotr Zak, Bartlomiej Drywa, Maciej Stec and Anna Miller-Pytlak have just presented the key pillars, business assumptions and goals of the new development strategy for the Polsat Plus Group. At this moment, technical preparations are underway on stage for the next part of today's meeting. We are moving on to the Q&A session, during which you will take the initiative.

[Operator Instructions] I see that everything on stage is ready. Time for discussion. The Q&A session will be led for you by today's moderator, Agata Wiktorow-Sobczuk.

Good morning. I welcome you all very warmly. It is a great pleasure to see you all here today. Thank you very much to the speakers for presenting the Polsat Plus Group strategy. We now have time for the Q&A session. I would like to invite back to the stage, Mr. Piotr Zak, Ms. Anna.

I give the floor to you. I invite questions from the floor. First time in history, please go ahead, a microphone will be brought here.

Good morning. Dawid Górzynski, PKO BP Brokerage House. My question relates to the financial goals, especially for this first period, meaning until 2029. From what I understand and see, at least from the company's current position, we are dealing with revenue growth. On the revenue side, the company seems to be performing quite well. So I conclude that the announced pressure on the EBITDA margin will stem from the cost side. I wanted to understand, which cost items will be the most significant in this period, perhaps, if possible, broken down by individual years for next year, which was said to be the most difficult for the company and for the following years?

I will start by saying that we will obviously do everything possible to ensure that the cost optimization that Maciej announced and talked about are implemented as quickly as possible. If we succeed in achieving that, then the results will obviously be better. So that is an assurance from my side. However, our best projections at the moment are indeed those that have been presented.

And Anna, if you would like to address the details by year, I don't know if you have that broken down, but please, I yield the floor to you.

Thank you very much. Indeed, EBITDA, especially in 2027, will be under pressure, primarily in the context of our network modernization, which will be carried out very dynamically next year. That will be the main cause of this EBITDA decline because as for the rest of the cost we assume that we will keep them fairly stable at their current level. However, in 2028, we expect a rebound. So I would attribute this decline primarily to 2027.

Thank you very much. Please, next question. Go ahead, please.

Adrian, Wirtualnemedia. Are you considering further acquisitions in the telecommunications and media sector? Would that be possible given the current position of the Polsat Plus Group? Does Polsat Box intend to continue investing heavily in satellite television given the decline in its popularity? Are you also planning investments or competing for slots on digital terrestrial television multiplexes? There are competitions here.

I will ask for questions one by one, so I can remember that specific investment. Are you planning acquisitions in media, telecommunications or perhaps the Internet sector?

I am a person who, as a rule, says never say never, and we will analyze all potential transactions and potential acquisitions that may appear on the market. However, at the moment, nothing is planned for the immediate future, but we will do everything that we deem to be in the best interest of building the group's value for us, for the shareholders and for our customers in the future. So we are not ruling anything out, but we are also not predicting anything in the near term.

And as for your presence on satellite, transponders and terrestrial digital television, do you intend to increase investments there? Fight for more slots on the digital terrestrial television multiplexes? And do you intend to maintain the current transponder fleet or downsize like some other broadcasters or digital platforms?

I mean, we believe that this market is very mature and has largely stabilized. And I don't think additional competition at this level is needed by anyone. However, Maciej, I'll pass the floor to you if you'd like to add something.

Well, those are 2 completely different questions. So let's start with the one regarding digital terrestrial television. We have a lot of channels on digital terrestrial television, and we analyze the costs and revenues of these channels daily because, indeed, the cost of broadcasting on digital terrestrial television are very high, and of course, slowly. There isn't really a frantic trend. People are moving from digital terrestrial to the Internet, or I would say, to cable and satellite operators as fiberoptics develop.

So that's one question. And now regarding satellite television, we serve all customers across all technologies when it comes to our Polsat Box offer. In satellite technology, as you know, we feel pressure. But I would say that this pressure in 2026 is already significantly lower than in previous years, and we are effectively mitigating. The pressure at satellite TV with other technologies, like IPTV and especially on, which is Polsat Box Go, yes, we have very good results there. We are satisfied with them.

There was mention of YouTube. Will there be linear channels?

Linear channels of the Polsat Plus Group on YouTube, it is an increasingly popular trend globally as well as in Poland. We prefer not to disclose all the details at this moment. When there is something, we will, of course, inform you and share it with you.

Are there planned changes to the TV channel portfolio? For example, will Polsat News Polityka undergo such a change or other channels? Where do these recent changes in the news division comes from? And what it's supposed to change?

There will be more news on Polsat News as the name implies, and there will be more viewership as always.

But in what way?

Once again, I do not want to go into details. Regarding acquisitions or channel changes, they will be announced when they are announced. Our primary goal in the television segment is to build viewership, to build the largest possible reach so that as many people in Poland as possible simply have access to our channels, to our entertainment panels, but also, as you mentioned, to our news channels, which are very important in everyone's life, it seems to me.

Sir, thank you very much. You have already asked several questions. I would like to give others the opportunity to ask questions.

[indiscernible], [ LC Brokerage House ]. Two questions. First, what is the total value for which you tend to sell the net assets?

And the second question, what is the reason for the change in dividend policy? Because until now, the main trigger was supposed to be the net debt ratio. And now, you are suggesting that the first dividend will appear only when this ratio is at the level of 2.5 in 2030.

Could I ask for the first question again? I apologize.

The total, total, total amount for which you intend to sell the core asset?

The largest one possible, a simple answer. Of course, something is assumed in the excel sheet because something must be assumed. However, as I said at the beginning, we are not in a hurry. It is not something we have to do in a month, in a year, in 2 years. We will commonly analyze and make these decisions and sell these assets at the moment when we believe the market will be ready for it. We will have the right partner. We will have the right investor. So as I say, something is assumed in itself, but I think it is more important to know that we will make this decision when we are ready, and then, we will announce it regarding specific amounts.

And could I ask for the second question again?

What about the dividend policy?

Dividend policy. The first thing is the most important thing for us is to lower this net debt to EBITDA ratio. On one hand, to rebuild the dividend potential, but on the other hand to unlock flexibility for making decisions in the future. And I think this ratio below 2.5 is a really stable safe ratio for many, many, many years to come. So we will limit these fluctuations a little.

In the level of our debt until 2030, it will already be below 2.5. And as for what happens with the dividend later, we will make that decision when we feel we are in a safe and stable place where our business is growing steadily, we are building the business and we have reduced debt. That is when we will make those decisions. Thank you very much.

Please, next question.

[indiscernible]. I would like to ask about one thing that was mentioned from the stage, namely in the context of how artificial intelligence will optimize customer care processes, but also processes within companies. However, I'm wondering if the topic of artificial intelligence is being discussed and analyzed in the context of generative content creation. Is this something that is already being explored in the group? Or is it something that is already being implemented? If so, to what extent and what will it look like in the coming years?

When it comes to generative AI, yes, it is already being used in some segments. But I assume you were talking about a significantly larger scale like the production of entire schedules. Entire content, entire programs, well, that is a big debate in television. I see my TV Management Board often arguing with each other about whether it's suitable or not, whether people will actually see the difference, feel the emotions or if they'll miss that human element on the other side who is actually producing it. And these are answers that I think are questions for which I don't know the answer, nor does anyone else in the world. So we will be testing. We will be trying. And the moment we decide that it is of the quality we expect and that it still delivers those emotions to our viewers, we will use it, and we are already testing it.

Please, next question.

[indiscernible] I have a question about the strategy regarding the fixed line network. I would like to make sure that there are no plans for any significant expansion of your own reach, Netia's reach. That's first. I understand that you still intend to base sales mainly on partner networks.

And a question about modernization. Could you say a little more about that? What are the plans? And how will they correlate with the open network project? Where is FTTH infrastructure preferred?

This is Maciej's specialty. So I will let Maciej answer.

As of today, we do not plan to expand the network. I mean, I would say organically, so that is the 3.4 million to 3.5 million HPs that we possess. 2.5 million have access to 1 gigabit. When we actually make final decisions, we will keep you informed on an ongoing basis. We are in the process of simulating various variants of entering the wholesale market, so we will keep you informed. We want to do this next year.

Thank you very much. Are there any further questions? Go ahead, please. Well, just as there were none at the beginning, now suddenly.

[indiscernible] I would like to ask about 2 things. One is a very general matter. From what level of market share does the group start today? And what does it intend to achieve within the strategy in these specific segments in which you operate, i.e., in the telecommunications market, pay TV and broadcast TV, if you could provide some kind of declaration here?

And the second matter is a question about the treasury shares that the company holds and the management program you mentioned. Are these 2 things somehow connected? Do these shares already have a designated purpose?

Regarding the first question, I would not like to point to any specific numbers here. We simply want to be #1 in every segment in which we work. And in some, we already are, in some we are close, and in some, we still have some work to do. So I think that is the overriding goal that guides us rather than some specific numbers.

And moving on to the second question, currently, the treasury share package we have on our balance sheet is not being used as part of the management incentive program, so this is not ruled out for the future. I would like to remind you that we are currently in the pilot year of this program. We are testing it, defining all the elements to ensure there are no errors. And how it develops in the future remains to be seen.

Thank you. I also saw a question earlier from the lady on the right side of the room. Yes, please go ahead.

[indiscernible] I have a question regarding the planned divestment from the renewable energy sector. I wanted to know if you have truly decided to abandon this sector completely to zero or if you are considering partially remaining as a minority shareholder, perhaps in some ownership arrangement. That's my first question.

And question number 2 concerns the planned development from what we heard here of the fixed line network. I wanted to know more about that. Are we talking about a fixed line telephone network or is it's something that piqued our interest here?

I will certainly divide that question. The first part, perhaps regarding the divestment, answering the first question, as we stated in the presentation, for us, the value of the asset being sold is what matters most while the timing will depend on the offers we received. We are not ruling out any options. Yes, if a majority shareholder or a majority investor comes along and offers us a very good price, and it is beneficial for us in some way to remain a minority shareholder, then we might decide on that, and we don't rule that out either. But in principle, our goal is to sell the entire portfolio of renewable energy assets currently in the Polsat Plus Group because the Polsat Plus Group is to focus solely and exclusively on media and telecommunications.

And the fixed network, Maciej once again.

Actually, I'm not sure if it's about the fixed network because I mentioned the fixed network a moment ago, but I think it refers to the telecommunications network. And there, we have also clearly outlined our goals. And regarding the strategy, it is the optimal use of unique frequency bands in by 2028, delivering 100 megabits per second to over 90% of the territory. So I think that is a fantastic thing because it truly ensures its access to mobile internet basically everywhere we go, and we can't get by in life without these phones today.

Please, next question.

[indiscernible] One thing was missing from the presentation. What average annual adjusted free cash flow do you expect in the years 2026 to '29?

Anna, yours.

Thank you. Free cash flow will certainly be under pressure in 2027, yes, and then, similar to EBITDA, here, we expect there to be a significant decline. But in the following years, they will recover significantly. So we will follow a path more like the EBITDA path.

Thank you very much. Are there any other questions?

[indiscernible] First, I would like to ask the CEO for a short comment on the share price reaction to the strategy publication as the price fell by over 12%. Did the CEO expect this? The actual question concerns the details of the cost optimization announced in the strategy. I'm curious if this cost optimization also means optimization at the employment level, meaning will there be layoffs?

To answer the first question, I generally do not comment on the share price because it is the role of the shareholders to define how they value us, but we are entering a period of quite high investment costs related to infrastructure expansion. So I am not surprised perhaps in that way.

And could I ask for the second question again?

No. The question concerns the cost optimization announced in the strategy. I mean, will this optimization also include staff reductions, for example, due to the implementation of new tools?

I mean, it is not planned in any way on any larger scale. However, it is natural that if AI systems function and function coherently, they may sometimes replace some people. But I think that will be organic and natural and nothing we should worry about.

Please, more questions, if there are any from the back of the room.

[ Piotr Zagórski, Ipopema Securities ]. I have 2 questions. The first is about the guidance regarding EBITDA. If I'm calculating correctly, in 2031, you only expect a return to the EBITDA generated in '26. And my question now is, is the guidance a bit conservative? Is there something in Cyfrowy Polsat's current market position that puts it slightly behind in the race for higher EBITDA versus the competition? Because peer companies according to Bloomberg are expected to grow in the coming years at a mid-single-digit rate. Orange Polska is set to report 6% to 8% -- 7% to 8% EBITDA growth this year. So the guidance you presented seems quite conservative.

I mean it seems to me that historically, for 30 years, we have reported our plans quite conservatively. And then, it turns out a little better than we planned. However, well, as I say, that is the guidance. We will stick to that. And everything we managed to do on top will be on top.

Anna, I don't know if you would like to add something, I see that.

I have just one sentence, we are planning a return to that EBITDA a little earlier. Yes.

And I would just add in the market context and comparing us with Orange. Let's remember that as Polska expands its network, it capitalizes it. So it is not in the EBITDA while we as we expand our network very dynamically have it in the EBITDA because it is in the OpEx. So there is no apples-to-apples comparison here, and I think that may also be understandable.

Thank you. Are there any more questions? Here?

I wanted to ask about one more thing. The tender offer for Cyfrowy Polsat shares, which the family is conducting has started. Can you tell us what the family's plans are regarding the stock market future of Cyfrowy Polsat? Are you possibly considering delisting the company within a foreseeable time frame, either before or during the implementation of this strategy?

Maciej, I will let you answer the question so that it doesn't sound bad. I'm not the family.

But well, you would primarily prefer not to comment on the tender offer because that is not why we are here. We are here to talk about the strategy of the Polsat Plus Group. And as for the tender offer, the company does not know the plans of the shareholders. So nothing is known about such plans.

Thank you. We are slowly approaching the end of our meeting, the official part. So we have time for maybe 1 or 2 questions if there are any more. I see one from the back of the room.

Piotr from the company. Once again, that second question regarding the future of pay TV. I would like to ask for a comment in this regard. If I were to point to one major fundamental risk for the Cyfrowy Polsat Group, it is the future of the satellite pay TV base and whether you will manage to convert the outflow from satellite pay tv to IPTV. So perhaps a simple question, after 2030, let's say 2031, do you expect a larger or smaller customer base and higher or lower EBITDA from pay tv services than now?

I will just start by saying that I remember, 20 years ago, when people said that television would end any moment, that in a week, it wouldn't exist anymore and so on, so stay calm. However, when it comes to the details, perhaps Maciej would like to go into the details of substitutability.

Yes, we will not replace viewers choices. So we deliver content to them in the technology and in the packages they want. So today, as you saw in the presentation, we are still the #1 pay tv operator in Poland, and I will tell you, sir, that is thanks to DTH.

The second thing I will say is what I said earlier, that we are already feeling less pressure. So indeed, cord-cutting in Warsaw is much more noticeable than in the rest of Poland, and that is the second point.

Yes, we are mitigating. Although there are no such fundamental shifts, we are mitigating this with IPTV and OTT technologies. There is indeed a very large movement here. We are observing this particularly in our Polsat Box Go, which is our current TV and streaming service, as we are reporting very large growth and a significant shift in viewing from streaming towards TV content.

Also, we will produce content, and we will monetize it wherever possible. As of today, I can only say that we are the #1 pay tv operator in Poland.

Thank you. So may I have the last question. For the first time, for the second time, and please.

This is a technical one. What average annual growth in ARPU do you expect in the B2C telecommunications sector until 2030?

I think that we will try to operate along the trajectory that has been achieved today for the most part. Because as I have always said, it is a bit like the comparison I once made to ski jumping. It is less popular today, but I will return to that comparison, mainly Kamil Stoch leaving the jump, where on one hand, you have a strong take-off and on the other hand, a flight trajectory in the wind beneath. We generally look at these indicators such that what we have today, i.e., this growth of 5% to 6% satisfies us, especially with such low churn because it is also important as these 2 parameters interact with each other.

Of course, you could push our ARPU a little bit, but then something bad would likely happen with the churn. And we want sustainable development just as Anna showed in our financial guidance. As you have seen, it is the first time we have provided such precise financial guidance, which from 2030 onwards shows EBITDA growth of 4% to 6%, which is well above the inflation we assume.

On the other hand, you also have one of the most important components of our costs shown, namely the technical cost line, which from 2030 is to grow at a rate of 1% to 2%, adding to that the completion of these investments, i.e., building the highest quality network in Poland, implementing AI solutions, i.e., cost optimization, switching off legacy IT systems and achieving higher agility over these 2 or 3 years. This means that the 2030-plus outlook is indeed ultra positive. And I would actually agree with Piotr here that perhaps our guidance is more conservative than it should be.

Thank you very much. So as I announced, that was the last question. I would like to thank you very much for your active participation and interesting questions. Before we invite you for refreshments, I would like to hand over to the CEO, Mr. Piotr Zak, for a closing statement.

Ladies and gentlemen, thank you very much for coming, and thank you very much for listening to us today. We cordially invite you for coffee and snacks. We will be available for some time if you have any questions. Thank you all very much, and have a nice day.

With this, the official part of the Polsat Plus Group strategy presentation has completed. We invite you all outside to the hall, where refreshments are already waiting. May this space be a great opportunity for conversations, exchanging opinions and strengthening our relationships in a less formal atmosphere.

Thank you for joining Polsat Plus Group's results conference call for the second quarter of 2026. Let's turn to the next slide, please. Let me start by briefly introducing today's speakers. With us today are Maciej Stec, Anna Miller-Pytlak, who is the group's new CFO as of August, Bartlomiej Drywa and Janusz Pliszka. Let's turn to the next slide.

Today's agenda is straightforward. Bartek will start with the key highlights from the second quarter. Then Maciej, Janusz and Bartek will walk you through the operating performance of our main business segments. After that, Anna will discuss the group's financial results for the quarter. Once the presentation is over, we will move to the Q&A session.

The Q&A panel will remain open throughout the presentation so please feel free to submit your questions at any time. As always, we will only be able to answer questions submitted with the name and in person. And with that, I will hand over to Bartak for the key highlights. Bartek, over to you.

Thank you, Agata. Ladies and gentlemen, let me now move you to the key highlights of the quarter. Q2 was a very good quarter for the group. We delivered a strong operating performance across our core businesses, and this translated into solid financial results. Let me walk you through the most important developments. Please turn to the next slide.

I will start with our Telecommunication business. First, our multiplay strategy continues to deliver very good results. More customers are choosing several services from our portfolio, and this drives higher customer value, stronger loyalty and better commercial performance. But what is the most important, ARPU growth in B2C accelerated to 6.5% year-on-year.

For us, this is a clear confirmation that our strategy is working exactly as intended. It is not only helping us sell more services, it is helping us build a higher-quality customer base. Second, we continue to invest in network quality and coverage. Our 5G network now reaches nearly 28 million people or almost 75% of Poland's population.

This gives us a strong platform for future growth and allows us for further improve the customer experience. Third, we launched a new prepaid offer. The idea is very simple. We want prepaid to be straightforward, transparent and attractive. Customers increasingly value simplicity, and this offer reflects exactly that approach. Maciej will shortly provide more details of the operating performance of the Telecom segment in his section of the presentation.

Let me now briefly comment on the media business. We continue to build the strength of Polsat around premium sport content. Our key achievement in the quarter was the extension of our exclusive rights to the UEFA Europa League and UEFA Conference League for the 2027 to 2031 seasons. These are important assets that support the long-term attractiveness of our media offering.

We also extended our sponsorship partnership with the Polish women's and men's national Volleyball teams. Volleyball has always been a part of our story for almost 3 decades, and we are proud to continue supporting one of Poland's most successful sports. Janusz will discuss the Media segment in more detail in a moment.

Let me finish with a few words of the group overall performance. As you can see on the right-hand side of the slide, strong operational execution translated into growth across all key financial metrics. Revenues reached PLN 3.7 billion, and adjusted EBITDA increased to PLN 853 million. And what is the most important, our free cash flow generation remained very strong, approaching PLN 1 billion on a rolling 12-month basis.

Overall, we are very pleased with these results. They show the strength of our core businesses and the benefits of disciplined execution across the group. That concludes my introduction. I will now hand over to Maciej, who will take you through the operating results of our B2C and B2B services segment.

Thank you. As Bartek said, it was indeed a very good quarter for our B2C and B2B services segment. We grew the multiplay and contract service basis, accelerated ARPU growth and continue to build customer value across B2C, prepaid and B2B. Let's look at the operating results in more detail. Before moving to the results, let me briefly explain the methodology refinement we made to the presentation of our operating KPIs.

As part of our KPI review, we refined the definition of multiplay customers so that the reported base better reflects the services actively used by our customers. We excluded inactive services and included fully fledged value-added services such as streaming packages priced at PLN 40 or even PLN 80.

We have restated the historical data to ensure full comparability. You can see the adjustment in the multiplay customer base on the top chart, under the previous definition, this quarter, we would have reported 3,059,000 multiplay customers, up from 3,013,000. After the adjustment, today, we present 3,039,000 multiplay customers compared with 3,003,000 a year ago.

Additionally, we excluded mobile Internet services that we were not actively used from the Internet RGU base. During the KPI review, we noticed that some customers didn't use the mobile Internet SIM card they received when they're subscribing to a fixed Internet service. We, therefore, decided to eliminate those inactive cards from the RGU base to better reflect the service structure that generates our revenue.

Again, for full transparency, we show the adjustment on the bottom chart, so you can clearly see the difference. The revised methodology gives a more accurate view of the active multiplay customer base and revenue-generating services. Importantly, the change has no impact on reported revenue or ARPU. It refines the presentation of the operating base, not the economics of the business.

With that clarification, let's move to our performance on the next slide. We now have more than 3 million customers using our multiplay offering. The multiplay customer base increased by 36,000 year-on-year, up 1.2%. This growth is supported by successful service upselling. Multiplay penetration also increased with almost 55% of our B2C customers now using more than one service from our portfolio. This is important because multiplay strengthens customer relationships. It encourages customers to use more services, build customer value and helps us keep churn low.

Churn was only 7.7% in the second quarter. It improved compared with the first quarter and remained consistently very, very low. Let me remind you that our long-term objective is to keep churn in the 6% to 8% range. So the message is clear. Our multiplay base is growing, penetration is increasing and customer retention remains strong.

Now let's look at the full contract service base. Next slide, please. At the end of the June, we provided 13.4 million contract services, up 2.3% year-on-year. One of the main drivers of this growth was our multiplay strategy centered on upselling additional services to existing customers.

In Q2 2026, sales of our services continued to be very strong. Growth was supported by solid demand for mobile and fixed Internet services, which added 208,000 RGUs year-on-year. At the end of the quarter, we provided 2.2 million Internet services based on the adjusted definition I mentioned earlier. Mobile telephony also performed very well with the service base increased by 182,000 year-on-year to 6.7 million RGUs.

In Pay TV, the market remains challenging, but the growing popularity of IPTV and OTT services is reducing pressure on the service base, which stood at 4.5 million at the end of Q2 2026. Overall, we continue to expand our contract services base with growth concentrated in mobile and Internet services.

Let's now look at how this translates into ARPU on the next slide. Our focus on customer value and loyalty supported by our multiplay strategy is consistently driving ARPU growth. B2C ARPU increased by 6.5% year-on-year to PLN 83.5 in Q2 '26. Importantly, the pace of growth accelerated from the first quarter. Multiplay also supports effective upselling. This is clearly visible in RGU saturation per customer, which increased from 2.3 services a year ago to 2.4 services per customer.

As I have already mentioned, this performance was driven by strong service sales and the consistent execution of our multiplay strategy. We are now just passed the first anniversary of the launch of our new simple multiplay offering. I'm pleased to say that the offer remains very popular. 34% of our customers have already chosen it. This continued trend supports further growth in customer value and loyalty.

Progress in contracting B2C services is clearly visible across all areas. Our multiplay customer base is growing. ARPU growth is accelerating and customer saturation with our services is steadily increasing. Let's now look at the performance of the prepaid segment on the next slide. In prepaid, we maintained a high service base of 2.2 million in a highly competitive market. Our focus remains on customer value. Prepaid ARPU increased by 4% year-on-year to PLN 18.4.

What is important, Polsat Box Gold subscription continued to record solid growth, supported by the new packaging, Polsat Lovers, Premium, and Premium Sport packages. But given the pressure we have experienced in the period segment over the past quarters, in August, we introduced a new ultra-simple offer, Plus na Karte. Its goal is to strengthen the attractiveness of our prepaid proposition. The concept is very simple.

PLN 1 gives customers 1 day and 10 gigabytes. We are now promoting the PLN 30 package, which offers 30 days, 300 gigabytes and unlimited calls and messages. What is important, responding to customer expectations, we also simplified the user experience. All the customer has to do is buy the starter, register it and start using it. Nothing else is required.

This is a new initiative, so it's too early to discuss sales results, but our objective is to make the prepaid offer simpler, clearer and more competitive. Finally, let's turn to the B2B segment. In B2B, we maintained a high and stable customer base of 67,000, confirming our strong position in the highly competitive market for business services. ARPU per B2B customer increased by 2.8% year-on-year to PLN 1,588 per month. This was supported by the consistent development of services and solutions for business customers.

To sum up my part of presentation, it was a strong quarter for the B2C and B2B services segment. Thanks to the consistent execution of our multiplay strategy, we made strong progress in B2C. We expanded the multiplay customer base by 1.2% and the contract services base by 2.3%. The number of services used by each customer increased to 2.4%. Together, this translated into low churn of 7.7% and fueled B2C ARPU growth, which was up by 6.5% this quarter.

We continue to build value in our other customer segments. ARPU in prepaid grew by 4% and in B2B by 2.8%. Additionally, we launched a new simple and promising prepaid offering intended to support our performance in this segment in the future. And that's all from my side. Thank you.

I will now hand over to Janusz, who will discuss the performance of the Media segment. Janusz, over to you.

Thank you, Maciej. Again, I have the opportunity and pleasure of presenting the results of our Media segment. Next slide, please. We are pleased with the audience growth achieved by our flagship channel, Polsat, whose audience share increased to 7.4% from 7.3% in Q2 2025. The combined audience share of all channels we broadcast declined slightly from 22.5% to 21.4%. It is worth noting the base effect here.

In 2025, both in the second quarter and throughout the first half of the year, Polsat was the only major broadcaster to record audience growth. The performance of our thematic channels was affected by major sports events broadcast by our competitors, including the FIFA World Cup and Iga Swiatek's outstanding run at Roland-Garros. We especially cheer for Polish women and Spanish players as WTA Tour tournaments will be available on our Eleven channels starting in 2027.

According to preliminary estimates, the TV advertising and sponsorship market declined by 6.2% in the second quarter of this year as compared with the second quarter of 2025. The main reasons were a significant drop in linear TV viewing in May due to exceptionally good weather as well as the different timing of Easter. This year, pre-Easter advertising campaigns were carried out in March, while in the previous year, they were concentrated mainly in April.

Advertising and sponsorship revenues generated by our linear channels declined by 4.1%, which was significantly less than the decline recorded by the overall TV advertising market. As a result, our share of the TV advertising market increased from 28.2% in the second quarter 2025 to 28.8% in the Q2 of this year.

Let's move to the next slide. The results of the entire first half of the year continued to reflect the trends observed in the second quarter. During the first half of the year, our flagship channel increased its audience share from 7.4% to 7.5%. The combined audience share of our television channels declined from 22.3% to 21.7%, driven by lower viewership of our thematic channels. The overall TV advertising market declined by 2.4% in the first half of the year, while our revenues decreased at a slower pace of 1.6%.

As in the second quarter, this resulted in an increase in Polsat Group's share of the TV advertising market from 28.4% to 28.7%. Let us now move to our online business on the next slide. Once again, for the seventh consecutive quarter, Polsat-Interia remains the #1 Internet publisher in Poland. We are also #1 in the mobile category.

On average, we reached 20 million users per month, generating 1.7 billion page views across our websites. Let's move to the summary on the following slide. We are pleased with the increase in our flagship channels audience share to 7.5%, driven by the strong performance of the program's broadcast during the spring season.

Looking ahead to autumn, we have high expectations for our upcoming schedule, which will combine proven formats with exciting new titles. Among other, your face sounds familiar will return to our screen, while we also launched Hitster, a new music entertainment show based on a successful international format adopted from the popular board game.

In addition, we'll premiere Gliniarze, a spin-off of a series that has already run for 20 seasons and nearly 1,200 episodes. It is impossible to talk about Polsat's content offering without mentioning sports. We are pleased to reiterate that we have extended our rights to the UEFA Conference League and UEFA Europa League for 4 additional seasons starting in 2027.

We would also like to mention that Eleven Sports Network is preparing to launch a new channel that from the next year will broadcast among other events, women's tennis tournaments from the WTA Tour. We remain committed to providing our viewers with access to the most attractive sports events, including those in which Polish athletes achieved success on the international stage.

A recent example is the Polish National team's victory in the Volleyball Nations League. To sum up, we had a very successful spring season and despite challenging market conditions, delivered audience growth for our flagship channels while maintaining a stable combined audience share across all our channels at 21.7% in the first half of the year. Our programming lineup promises a strong autumn for Polsat channels.

Thank you for your attention. Let's now move to the segment of Green Energy to be presented by Bartek.

Thank you, Janusz. Let me now move to the Green Energy segment. Over the past few years, we have invested heavily in building this business. Today, following the completion of our key strategic projects, the segment has reached its target shape. We now operate almost 500 megawatts of installed renewable energy capacity with wind power accounting for around 60% of the portfolio. This is an important milestone for us. It marks the transition from a development phase to a phase focused on operational performance and cash generation.

On the next 2 slides, I will show how this portfolio translated into energy production and financial results in the second quarter. Please move to the next slide. On this slide, I would like to discuss our renewable energy production. As always, it is important to remember that results in this segment are naturally more volatile than in our core media and telecom businesses.

Production depends heavily on weather conditions and market factors. This is why we believe the segment should be assessed over the longer periods, not only quarter-by-quarter. In the second quarter, total production amounted to approximately 280 gigawatt hours, down 11% year-on-year. However, when we look at the first half as a whole, production increased by around 3% year-on-year to more than 600 gigawatt hours. This confirms that short-term fluctuations can create volatility, while the longer-term trend remains much more stable.

Looking at individual technologies, the strongest positive contribution came from wind power. Wind generation increased by 14% in the quarter and by 40% in the first half of the year. This was mainly driven by the full contribution of the Drzezewo Wind Farm, which has significantly strengthened our generation portfolio.

Biomass generation was lower year-on-year. This was our internal business decision. We adjusted production to weaker market conditions and feedstock availability. In other words, we concentrated on profitability over volume. Solar generation was also lower. It was affected by less favorable weather conditions and by temporary limitations of renewable energy sources during periods of oversupply in the market.

To sum up, short-term production remains sensitive to external conditions. At the same time, wind is becoming an increasingly important part of our portfolio and is helping us to improve the quality of the resilience of the business.

Please move to the next slide. Let me now turn to the financial performance of the segment. In the second quarter, EBITDA remained stable at around PLN 65 million. This is a solid result, especially considering the weaker performance of biomass and solar generation. Higher contribution from wind assets helped us to offset those pressures. The picture becomes even stronger when we look at the first half of the year. EBITDA increased by almost 34% year-on-year to PLN 164 million.

The key driver was the full contribution of the Drzezewo Wind Farm. It expanded the scale of our operations and significantly strengthened profitability. Let me conclude my part with 2 key messages. First, our renewable energy portfolio is now largely complete and operates with a strong focus on highly efficient wind assets.

Second, while quarterly results may still fluctuate due to the weather, market and regulatory factors, the long-term picture is becoming increasingly attractive. The investments are completed. Wind capacity is fully contributing. Capital expenditure is falling, and the benefits are becoming more visible in earnings and cash generation.

Thank you for your attention. That concludes my part of the presentation. I will now hand over to Anna, who will take you through the group's financial results. Anna, the floor is yours.

Thank you, Bartek. Good afternoon, everyone. It's a pleasure to host our results presentation for the first time as CFO of Polsat Plus Group. This is a special moment for me, and I'm very pleased that I can start in a quarter with strong results and very good financials.

Let me move straight to the details. This slide provides a snapshot of our financial performance, which was very good. In the second quarter, we improved all key financial metrics. Revenue increased by 2.9% year-on-year to PLN 3.7 billion. This was driven mainly by very strong performance in our core B2C and B2B services business as well as the delivery of a large order of hydrogen buses.

Adjusted EBITDA was up 3.6% year-on-year, reaching PLN 853 million. This growth was supported not only by higher revenue, but also by continued cost initiatives and improved cost efficiency across the group. I would like to highlight that all of our EBITDA growth was delivered in our core business segments.

I will walk you through the main drivers of this performance on the next slide. Net profit increased by 53% year-on-year to PLN 173 million. This reflects stronger operating performance, while financing costs remained stable. Cash generation also remained very strong. Adjusted free cash flow for the last 12 months was close to PLN 1 billion, up 33% compared with the end of 2025.

This clearly demonstrates the group's ability to generate recurring cash flows. Our net debt-to-EBITDA ratio for the last 12 months remains under control. At the end of June, it stood at 3.63, slightly above the level reported at the end of 2025. This increase was mainly related to the cash outflow connected with spectrum reservations.

Let me now move on to the key drivers behind our revenue and EBITDA growth in the second quarter. Next slide, please. As I already mentioned, all of our EBITDA growth this quarter came from our 2 core business areas, the B2C and B2B services segment and the Media segment. In the B2C and B2B Services segment, revenue increased by PLN 60 million.

As Maciej explained earlier, this improvement was mainly driven by strong ARPU growth and the successful execution of our multiplay strategy. As a result, our retail revenue increased by over PLN 50 million, almost 3% year-on-year. Additionally, we recorded better equipment sales, which grew by 3.4% year-on-year combined with continued cost discipline, especially in marketing and customer service, this translated into a PLN 12 million increase in EBITDA of this segment.

In the Media segment, revenue increased by PLN 6 million. Higher revenue from cable and satellite operators more than offset the lower TV advertising and sponsorship revenue that Janusz discussed earlier. We also continued our cost efficiency initiatives in this segment. As a result, Media segment EBITDA increased by PLN 17 million.

As I mentioned before, growth in the Green Energy segment was mainly driven by the delivery of 30 hydrogen buses to Krakow and Rzeszow. Following this delivery, we have completed all hydrogen bus deliveries planned for 2026. EBITDA in this segment remained stable compared to last year. The underlying operational and market factors were already discussed by Bartek earlier in the presentation.

In the Real Estate segment, second quarter results were stable year-on-year. They were mainly supported by commercial property leasing. We are still waiting for the construction permit for our new residential project at Krowia Street. Adjusted EBITDA in the second quarter excludes a positive impact of PLN 10 million related to one-off items. These were sales of noncore assets in the Media segment and the B2C and B2B services segment.

With that, let me turn to free cash flow on the next slide. We continue to generate strong and recurring free cash flows. Over the last 12 months, we generated close to PLN 1 billion of adjusted free cash flow after interest and excluding CapEx related to the Green Energy segment. The starting point is higher adjusted EBITDA, which reached PLN 3.2 billion on a last 12 months basis.

You can also see that we have positive contribution from working capital. However, it was lower than in previous quarters. This mainly reflects our decision to increase smartphone inventory in response to developments in the global memory and equipment markets. Another important factor affecting free cash flow is interest and lease payments adjusted for the impact of hedging instruments.

I would like to highlight that following last year's interest rate cuts, our debt service costs are gradually going down. This, of course, supports our free cash flow. The full effect of interest rate cuts is not yet visible in this chart. We estimate full year interest savings at around PLN 170 million. Free cash flow for the last 12 months was also affected by one-off payments related to spectrum reservations. I'm referring here to the 700 megahertz spectrum won in last year's auction and the renewal of the 900 megahertz reservation in January this year.

Together, these payments exceeded PLN 800 million. Here, let me reiterate what we have been saying several times before. The next major spectrum renewals are not expected until 2029. In addition, we acquired the remaining minority stakes in several companies in the Media segment. We also see the reversal of the one-off asset disposal effect that I mentioned on the previous slide.

Excluding nonrecurring items, adjusted last 12 months free cash flow after interest amounted to PLN 716 million. Over the last 12 months, we invested PLN 265 million in the development of our green energy business. Excluding these investments, adjusted last 12 months free cash flow reached PLN 981 million. This confirms the strong cash generation capacity of our core operations. At this point, I would like to reaffirm the free cash flow guidance for 2026. We continue to expect adjusted free cash flow after interest to reach the high hundreds of millions of this year.

Let me now move on to CapEx on the next slide. CapEx as ever remains under control. Our core businesses, the B2C and B2B services segment and the Media segment remain structurally CapEx light. Both in the second quarter and in the first half of the year, our TMT operations maintained a CapEx to revenue ratio of around 7%. This remains fully in line with our long-term guidance range of 6% to 8%.

At the same time, we have completed our investments in the Green Energy segment. CapEx in this area is 5x lower than last year. I expect total CapEx for renewable energy in 2026 to stay below PLN 150 million. Our disciplined approach to CapEx, together with the completion of renewable energy investments will support our key priority in the coming quarters, gradual deleveraging.

Please move to the next slide. Our debt profile remains stable. Net debt-to-EBITDA, excluding project financing, remained at a stable level and stood at 3.63 at the end of June. This was slightly above the level reported at the end of 2025, mainly due to the spectrum reservation payments. At the same time, it improved from 3.68 at the end of the first quarter.

Our financing costs also remain well under control. The weighted average interest cost on our loans and bonds was 6.6%, unchanged compared with the end of last year. The structure of our debt remains the same. In terms of maturities, just over PLN 400 million of scheduled repayments remains due this year. Further PLN 830 million matures in 2027. The remaining portion of the syndicated loan matures in 2028, while our bonds mature in 2030.

To conclude, our second quarter results once again demonstrate the strength of our business fundamentals. I'm very satisfied with the results. Growth in our key financial metrics, especially the 3.6% increase in adjusted EBITDA was driven mainly by the B2C and B2B services segment and the Media segment, while maintaining strong cost discipline across the group. Equally important, these results were accompanied by strong cash generation, disciplined investment spending and the gradual improvement in leverage metrics.

Thank you very much for your attention. Bartek, over to you for the summary.

Thank you, Anna, Maciej and Janusz for taking us through the operational and financial performance. Let me close with 4 key takeaways from today's presentation. First, our telecom business continues to perform very well. The multiplay strategy remains the main driver of customer value and loyalty. We see this clearly in ARPU growth across all customer segments, plus 6.5% in B2C, plus 2.8% in B2B and plus 4% in prepaid.

Second, we launched a new prepaid offer. It strengthens our position in prepaid and reflects the direction we want to follow: simple, attractive and value-focused products. Third, Q2 delivered very strong financial results. Adjusted EBITDA increased by 3.6% year-on-year, while free cash flow generated approached PLN 1 billion on a rolling 12-month basis.

Importantly, these results were driven mainly by our core telecom and media businesses. And finally, we continue to work on our strategic asset review and the group's long-term strategy. As announced before, we plan to present the strategy this autumn. We are making good progress and look forward for sharing more details with the market in due course.

Thank you very much for your attention. We are now ready to take your questions.

I will now read the questions in exactly the order that we received them. The first 4 questions come from Brian from [indiscernible] I will read them one by one. Where do you currently stand with Cellnex and future collaboration on the network rollout? Has there been any updates to contractual conditions you think is worth mentioning?

Okay. That's me. In fact, we have signed a very detailed term sheet as far as you know. So in fact, we translated to appendix, and we are very close just to close it. So I believe it's everything is on good path just to sign it soon.

The second question, how do you think about PLN 150 million CapEx guidance for Green Energy segment in the context of declining fundamentals and electricity prices? Is that something we should have in mind also midterm?

Ladies and gentlemen, CapEx in rest should not exceed PLN 150 million, and it mainly reflects final settlements for the Czluchow and the Dobra wind farms. But in subsequent years, this should move to maintenance CapEx, which we expect to be much lower, something like low tens of millions per year.

Could you please indicate some tangible steps you're undertaking in terms of deleveraging? What should we have in mind by the end of 2027?

Deleveraging remains our priority. And over the coming quarters, we will continue working to gradually reduce the company's debt. But we are working on a long-term strategy, which will also cover financial policy, and then we will give more details about it.

And [indiscernible, last question. And lastly, what was the reason for the much improved income tax expenses this quarter?

I think we will come back with the detailed answer. But as I remember, it was overpayment of income tax. And I think we will come back.

The next couple of questions come from from Anna Witkowska from HSBC. Please, can you kindly give us the drivers of churn in the quarter year-over-year and quarter-over-quarter and views on this for the balance of the year?

The churn, as you can see, is under control because we treat the churn between 6% and 8% is our goal. So it's very low churn here. But of course, the churn is -- the churn effect is the effect of pushing ARPU. So when you push ARPU up and when you see we accelerated ARPU by 6.5%. So there is a little bit more churn.

Then consolidation of services in our new multiplay offer under one ID. And both quarters this year, we have higher volume of contracts, which ends in the quarters, which is also important because then with the percentage of the customers with higher volume of ending contracts, it's also influencing this. But to be honest, it's like 7.7%. We are very happy, especially when we take a look at 6.5% increase in our ARPU in contractual customers and that our multiplay base increased by 1.2% by 36,000 year-on-year.

Thank you. As we get close to the strategic review, have there been any major developments or findings in your view from Q1 to Q2?

Well, let me take over that. Actually, the strategic review of the assets we have started in the first quarter of this year, we followed in the second quarter, and it's a part of the preparation of our long-term strategy, which will be announced, as I mentioned, at the beginning of the presentation, autumn this year. Please let us share with all our thoughts and with all our plans together once we'll be ready with the announcement.

Thank you, Batek. We have seen one of your competitors complete a fiber M&A deal. Do you have any expectation on how this might impact fiber pricing in the sector? Or if it could impact market competition?

We cooperate with Fiberhost for years on different fields, so buying like infrastructure or buying fiber Internet, they buy content from us. So we have a lot of business over there. So I believe we will continue. And I believe this is reasonable transaction in terms of volume of money paid for it. So I believe that it will be like a reasonable return on investment for the buyers.

So I believe it will not change the market in dramatic way or we don't expect something. And the last thing I believe that we concentrate on our strategy, our multiplay strategy. As far as you know, we control all key assets. So we have Netia with 3.5 million home passed here, and we sell our Internet.

So we control over content. So via Polsat television, especially sports content. We did develop and roll out our network, 5G network as Bartek said at the beginning of the presentation, 28 million of Polish population has access to our 5G. So it's 75%. So we control over our key assets. So we just continue to execute our strategy.

And a few follow-ups from Ali. The 2028 debt maturities, is that at the start or end of the year? When will you look to renegotiate these?

Ladies and gentlemen, the 2028 debt matures in April. So it's more like beginning of the year. But as far as the refinancing process is concerned, we will inform the market when the refinancing process begins. For now, it's too early to discuss it.

We have seen that the outlook for green energy business continues to worsen over the past 2 years. Are you seeing any signs of this reversing, for example, improving i.e., improving for over the next 2, 3 years?

Let me take over that. Well, it is true that both the outlook and the whole market is performing worse than everybody expected. And it's, again, a result of declining prices as well as the lots of regulatory issues, which are nothing to do with the daily business we are doing.

We are happy that we have completed all the investments. We look at this investment long term. So we saw in the past many different factors which moved the market up and down. And this approach we implied in this business segment. So we advise you also to look at it long term.

And last question, hypothetically, if you were to sell the green energy business, how difficult would it be to sell the whole business as a whole? Or would it have to be done piecemeal?

Again, I'll take over that. Well, we do not speculate what would be if in different scenarios. So if there will be like any decisions in any kind of business, we have a rule that we inform the market about it. So we don't want to speculate.

That were all the questions that we got from you. So from my part, thank you very much for the questions. Thank you for participating in today's conference. And I will hand over to Bartek for a final goodbye.

Thank you very much for your attendance in this conference. At that point, we would like to invite you on our third quarter conference, which will take place in mid of November. In the meantime, we will send you the separate invitation for our strategy announcement. So please expect it soon. Thank you very much again, and goodbye.

Good afternoon, ladies and gentlemen. It is my pleasure to welcome you to the conference call of Polsat Plus Group for the first quarter of 2026.

Let's move to the next slide, please. Today's presentation will be delivered to you by Mr. Piotr Zak, President of the Management Board; Mr. Maciej Stec, Vice President; Ms. Katarzyna Ostap-Tomann, CFO; Mr. Bartlomiej Drywa, Management Board member; and Mr. Janusz Pliszka, Management Board member at Telewizja Polsat.

Let's move to the next slide, please. Here, you have the agenda of today's meeting. Bartek will start off by presenting the key highlights of the first quarter of 2026. After that, Maciej, Janusz and Bartek will discuss the operating results of our business segments. Kacha will then discuss the financial results of the past quarter, and we will sum up and answer all your questions in the Q&A session.

Before we move on, I would like to remind you that today, you can post in the Q&A panel. I would like to remind you that we do not answer anonymous questions. Therefore, please kindly, every question with your name and institution.

Thank you very much. And over to Bartek for the key highlights. Bartek, please go ahead.

Thank you, Agata. Good afternoon, everyone. Let me walk you through the most important events that have taken place in Polsat Plus Group since the beginning of 2026. We would like to highlight once again the success of our new multiplay offer. It allows us to grow ARPU across all customer segments as well as to improve our financial results. You can see the effects on the right-hand side of this slide. Maciej will tell you more about this in his part of the presentation, and Kacha will cover it when discussing the financial results.

We have informed you recently about an important development for us. We have signed a term sheet with Towerlink Poland. We have agreed on the key parameters of our future cooperation, which will allow us to improve both the quality and the coverage of our services, fulfill all licensing requirements and ensure that our costs related to 5G network development are predictable and optimal for us in the mid and long term.

Moving to the Media segment. We have acquired exclusive broadcasting rights to the UEFA Europa League and the UEFA Conference League for the upcoming 2027-2031 seasons. As a result, we have secured key sport content for both our sports channels and our pay TV packages.

Additionally, we have expanded our cooperation with new broadcasters. We have entered into a partnership with kanal Zero in both the distribution and advertising areas. We have also communicated an important matter to our customers. We are planning to shut down our 3G network by the end of this year. This move opens the path to further optimizing our network resources.

Regarding our green energy segment, we mentioned this during our previous conference, but let me repeat it. In March, we received a concession for energy generation for our Drzezewo wind farm with a capacity of 139 megawatts. This means that we have finished our capital-intensive investments in the renewable energy segment and have now moved into a demand energy production and sales phase.

To wrap up this section on the key highlights, let me repeat what we have already emphasized during our previous meeting. We have restructured the group's management frameworks to address new challenges, both at the strategic and operational level. You can already see the first positive effects of these changes in Q1, both in operating performance and financial results.

That concludes the key events of the first quarter. I will now hand over to Maciej, who will present the operating results for the B2C and B2B services segment. Over to you, Maciej.

Thanks, Bartek. Let me start by saying that this was a very strong quarter, not only on the group level, but especially in the B2C and B2B services segment. We are particularly pleased to see the first tangible effects of the organizational changes implemented recently. We can already see the impact of our efforts in cost discipline and operational efficiency coming through in our results, as Kacha will explain in more detail.

Before that, let's look at the operating results on the B2C and B2B services segment on the next slide. Our key focus and the core of our strategy is multiplay. We continue to see strong performance in our multiplay base, which already exceeds 3 million customers. In the first quarter, the base increased by 35,000 year-on-year and continued to grow at a steady pace, up by 1.2% year-on-year. This means that the saturation of our total customer base with multiplay is also increasing steadily, reaching 54% in Q1 2026.

This growth is clearly driven by effect of upselling within our multiplay strategy. The number of services used by our multiplay customers is increasing consistently. At the end of the first quarter of 2026, they were using 12.5 million RGUs, which is an impressive increase of 2.3 million year-on-year.

At the same time, churn remains low, which confirms strong customer loyalty and the quality of our offering. At the end of the first quarter, churn was 7.9%, which is within the upper end of our target range of 7% to 8%. This increase was driven partly by the consolidation of contracts under our new multiplay offer and partly by the concentration of contract expires in the fourth quarter of last year.

Let's move to the next slide, please. The excellent uptake of our multiplay offer is directly translating into solid growth in our contract RGU base, which reached 13.6 million in the first quarter, up 2.3% year-on-year. The drivers remains the same as in recent quarters. This increase in the RGU base is the result of strong demand for mobile and fixed Internet services, which grew by 285,000 year-on-year. In addition, mobile telephony sales remained very strong, growing by 183,000 over the past year.

We also continue to see the trend in the pay TV base, which remains under some structural pressure, but this is partly mitigated by the continued shift towards IPTV and OTT solutions.

Next slide, please. We continue to see strong momentum in ARPU, which increased by 5.8% year-on-year and reached PLN 82.2 in the first quarter. I would also like to highlight the acceleration in ARPU growth from a little over 4% last year to 5.4% in Q4 2025 and to 5.8% at the end of Q1 2026. This growth is clearly driven by the effective execution of our multiplay strategy, supported by strong sales of mobile and Internet services as shown on the previous slide.

At the same time, we continue to see higher services penetration. The number of services per customer increased to 2.43, up from 2.32 last year. This has also been supported by the new multiplay offer since its launch in June last year. 28% of all our customer base have already migrated to the new offer. This confirms that our offering is well designed and is effectively driving customer value.

Let's now turn to the prepaid segment services on the next slide. Our prepaid base remains high and around 2.3 million services despite a very competitive market environment. The downward pressure comes mainly from a lower number of mobile services provided. This is the result of strong competition on the one hand and natural migration towards more attractive contract offers on the other.

A clear positive highlight in this customer segment is the consistently high and growing ARPU. In the first quarter of 2026, prepaid ARPU increased by 4.7% year-on-year and reached PLN 17.8. This reflects our strong focus on value rather than volume in this segment.

Prepaid ARPU is supported by the strong take-up of our refreshed Polsat Box offer and the new package structure, which clearly strengthens the value proposition for customers. Last year, we restructured the prepaid Pay TV offer into 3 simple packages, Polsat Lovers, Premium and Premium Sport, with each package expanding on the content of the lower one for an incremental fee.

At the beginning of this year, we also expanded the lineup to almost 200 channels by adding TVN and TVP channels.

Next slide, please. In the B2B customer segment, trends remain stable over the midterm. We have a high and relatively stable customer base of around 67,000. Let me remind you that this is a highly competitive and challenging market.

Despite this competitive pressure, we continue to build ARPU per B2B customers, which increased by 3.8% year-on-year to PLN 1,565 per month. And this reflects our focus on delivering tailored high-value solutions for business customers, allowing us to build value effectively within the existing base.

To sum up the segment, we continue to deliver a very solid performance across the B2C and B2B services segment. Our focus on increasing value has resulted in growing ARPU across all customer segments with a clear acceleration of ARPU growth in B2C to 5.8% year-on-year.

We are systematically expanding our multiplay customer base. This is a direct result of the consistent execution of our multiplay strategy and successful upselling, which strongly supports customer value and service penetration.

The new multiplay offer continues to be very popular, and we continue to see very good uptake. This clearly confirms that it remains the key driver of our operating performance and will continue to support our results in the coming quarters.

That is all from me today. Thank you for your attention. I will now pass the floor to Janusz, who will present the results of the Media segment. Janusz, please go ahead.

Thank you, Maciej. For the second time, I have the opportunity and pleasure of presenting to you the results of our Media segment.

Next slide, please. We've achieved strong viewership results in Q1 '26. We've broadly maintained our commercial audience share at 21.9% versus 22.1% in the same quarter last year despite the Winter Olympic Games. Our main channel Polsat continued its positive trend with audience share in the commercial target group increasing slightly from 7.5% to 7.6%.

TV advertising and sponsorship spending growth in Q1 '26 is estimated at 2%, while our ad and sponsorship revenue was up by 1.2%, so a bit below the market. This was mainly due to a high base last year as we grew significantly faster than the market in Q1 '25 as well as the impact of the Winter Olympics and ski jumping, which supported stronger sponsorship revenues at other broadcasters. At the same time, we see our advertising market share in Q1 as strong at 28.5%, above the full year level of 28% in 2025.

Let's move to the next slide. Let's now take a look at our online business. The Polsat-Interia Group continues to hold a very strong position in the Polish online market. We remain the #1 online publisher in Poland and the leader in mobile. Our content reaches over 20 million users every month and generates around 1.9 billion page views. Interia is a key part of our Media segment, complementing our media offer for both users and advertisers.

Let's move to the next slide. In Q1 '26, we achieved a 21.9% share in the commercial audience despite the Winter Olympics and ski jumping broadcasts shown by our competitors. We have kept audience level broadly in line with Q1 '25, supported by a good mix of proven entertainment formats and attractive sports rights.

I won't go through all of our key entertainment titles, but I'd like to highlight Farma or The Farm in English, a show that used to be scheduled outside of the main season. This year, we have changed the approach and included the show in the spring schedule. Farma performed strongly, delivering very good audience results.

On the sports side, we secured the rights to UEFA Europa League and UEFA Conference League for another 4 years, which together with the current agreement gives us a total of 5 years of broadcasting these competitions on Polsat Sport Premium.

We have also extended the rights to broadcast Italian Football League Serie A for another 2 years, which means Eleven channel subscribers will have access to these matches until mid-'29.

Thank you for your attention. Let's now move to the segment of green energy to be presented by Bartek.

Thank you, Janusz. Let me now present the operating results of the green energy segment.

Next slide, please. Total energy production in Q1 2026 increased by 18% year-on-year, mainly driven by the expansion on wind capacity. At the same time, the past quarter was very challenging in terms of the weather. The winter was particularly harsh, resulting in lower levels of sunshine and windiness. What is more, we faced more frequent shutdowns of our wind turbines due to the adverse weather conditions.

Despite this, we increased electricity output from our wind farms through, as I mentioned, the expansion of wind capacity. Solar farms produced a slightly lower level, and we also recorded lower level year-on-year output from biomass sources. The main reason was the adjustment of production levels in response to biomass supply conditions. Overall, we delivered 18% growth in energy production year-on-year, which translated directly into our financial results.

Next slide, please. On this slide, you can see EBITDA in our green energy segment increased by 73% year-on-year from PLN 57 million to nearly PLN 99 million. The main driver of this growth was the production of the Drzezewo wind farm for the full period following its commissioning in mid-2025. Please bear in mind that the ramp-up effect of this farm will still be visible in Q2 of this year, while from Q3 onwards, the results will be fully comparable in terms of installed capacity.

To sum up, despite very challenging weather conditions at the beginning of the year, we delivered a strong improvement in our financial results. As I mentioned at the beginning of this presentation, we have completed our capital-intensive investment phase and are now focused on electric production and sales as well as on maximizing EBITDA in this segment.

That concludes the operating results of the green energy segment. I will now hand over to Kacha, who will present how the operating results of our all business segments have translated into financial results. Kacha, over to you.

Thank you, Bartek. As you have already heard during today's presentation, the first quarter was a strong start in 2026. This is clearly reflected in our financial results, which I will discuss on the next slide.

As I said, this was a very good quarter for the group. Revenue grew by 3% to over PLN 3.6 billion, mainly driven by the strong performance of the green energy segment. In Q1 2026, EBITDA amounted to PLN 847 million, up by 4.7% year-on-year. This strong result is the effect of top line growth combined with disciplined cost control and optimization measures implemented across the group. Improved operating performance also translated into higher net profit, which increased by over 54% to PLN 134 million in the first quarter.

Turning to cash generation. Free cash flow for the last 12 months amounted to almost PLN 1.2 billion, up by nearly 63% compared to the level reported at the end of 2025.

Finally, our key covenant net debt in relation to EBITDA, excluding project financing, increased slightly to 3.68x at the end of the last quarter compared to 3.59x at the end of 2025. This was mainly due to the payment for the renewal of the 900 megahertz concession. Let's now take a closer look at the drivers behind these results on the next slide.

Let's begin with the factors that drove revenue and EBITDA growth this quarter. The main growth driver in Q1 was clearly the green energy segment. It contributed PLN 136 million to revenue and PLN 42 million to EBITDA. As Bartek mentioned earlier, we generated a significantly higher volume of energy, thanks to the Drzezewo wind farm. In addition, energy prices were higher than a year ago.

The B2C and B2B segment also performed very well. EBITDA increased by PLN 14 million year-on-year despite lower revenue. This reflects the impact of highly effective cost reduction initiatives that have been implemented since the beginning of the year. On the revenue side, as Maciej said earlier, strong sales and ARPU growth supported retail revenues. However, lower equipment sales offset this increase.

In the Media segment, we recorded higher revenues from advertising and from content sales to cable and satellite operators. However, this increase was more than offset by higher costs.

In the real estate segment, it's worth remembering that the first quarter of 2025 was particularly strong due to the handover of a pool of apartments to customers in Port Praski. As a result, we are now comparing against a high base, which translated into lower revenue and EBITDA year-on-year.

Let's now move to the cash flow analysis on the next slide. We generate a solid level of underlying free cash flow, which amounted to PLN 1.2 billion over the last 12 months. As I mentioned earlier, EBITDA improved year-on-year, supporting free cash flow.

Over the last 12 months, we also saw a strong contribution from working capital. That said, this effect is temporary, and I expect the contribution from working capital changes to be a bit lower in the coming quarters.

Despite stronger cash flow from operations, free cash flow after interest was slightly negative. This reflects the impact of still high interest rates at the beginning of the last year, which continued to weigh on our financing cost. As a result, interest paid and leasing after hedges exceeded PLN 1.2 billion over the last 12 months.

We also had a concentration of significant one-off payments related to spectrum reservations. In total, we paid around PLN 800 million for reservations in the 700 and 900 megahertz bands. Importantly, these are the final payments for telecom spectrum reservations for the next couple of years. On top of that, cash flow was also affected by nonrecurring acquisition in the media segment. These were related to simplifying and streamlining the structure within that business. After adjusting for these nonrecurring outflows, free cash flow amounted to PLN 813 million.

Lastly, we are in the final stage of our investment cycle, which means CapEx in green energy remains relatively elevated, although it is clearly on a downward trend. After adjusting for this, underlying free cash flow comes to PLN 1.2 billion.

Let's move to the next slide, please. CapEx remains under strict control across the group, reflecting our cautious approach to spending this year. Our TMT business remains CapEx light, and we continue to maintain investment spending at a consistently low level within the guided range of 6% to 7% of revenues. In Q1, CapEx in the segment amounted to PLN 195 million, representing 6% of revenues.

I would also like to stress that we are now on the finish line of our investment program in the green energy segment, which is clearly visible in the level of CapEx incurred in Q1 2026. It amounted to only PLN 31 million, which is 5x lower than a year ago. For the full year, CapEx in energy should not exceed PLN 200 million.

Can I have the next slide, please? On this slide, I would like to highlight a few points. First, our net leverage is slightly higher compared to the end of 2025, both including and excluding project financing. This is fully in line with our expectations and reflects the PLN 590 million payment for the renewal of the 900 megahertz frequency made in January.

Second, the prospective weighted average cost of our debt decreased slightly further to 6.5%, which will support cash generation going forward.

Finally, we resumed the scheduled repayment of our capital under our senior facilities agreement. As you can see, we will repay PLN 622 million by the end of 2026 in equal quarterly installments.

To sum up, we started 2026 with a very strong first quarter. All of our key financial metrics improved, showing that we are delivering on our goals for the year, driving top line growth while keeping OpEx and CapEx under strict control to improve profitability. Thank you for your attention.

Thank you, Kacha. Ladies and gentlemen, allow me to present the key conclusions from our presentation. First, the decision made, new offers and projects implemented in recent months are reflected in a very strong operational results of the first quarter. This confirms that the direction we have chosen is the right one. Our multiplay strategy is not only working, but it's also strengthening our market position and the TMT segment remains a stable and promising foundation of the group.

Second, bearing in mind key role of the TMT segment, we have developed a strategic framework for further cooperation with our key partner, the Cellnex Group. The agreed long-term cooperation framework will support further improvement in cost efficiency, the expansion of coverage and the quality of Plus 5G network.

Third, content remains one of the pillars of our operations, and we treated investments in this area as a priority. That is why we have extended the rights to the UEFA Europa League and the UEFA Conference League until 2031, ensuring the continuity and attractiveness for our offerings over the long term. We have also established a multidimensional partnership with the Zero channel, both in terms of a broad channel distribution and its advertising services.

In conclusion, as announced in April, we are continuing the strategic review of assets aimed at optimal capital allocation and further increasing the value of the group. We plan to announce the group's long-term strategy by the end of 2026. We will define measurable targets for our strategic business, telecommunications and media.

In the green energy and real estate segments, we are reviewing all assets and considering various scenarios in order to select the development path that will deliver the greatest value to the group and its shareholders. And we will also present our approach to financial policy in the medium and long term with particular emphasis of the balance between investments, debt levels and dividend policy.

That is all. Thank you very much, and we are now ready for the Q&A session.

Thank you very much. Surprisingly, I don't have any questions in the Q&A session. So maybe a minute for anyone who would like to post a question. Anybody? Okay. In that case, thank you very much for your participation today. And from this spot, I would like to invite you to our conference in August for the first half of 2026. There we go.

One question. From Ali, HSBC. Please, can you give us a breakdown of the improvement in green energy and expectations for the rest of the year?

Maybe I'll take this question. Well, in terms of the expectations for the rest of the year, we have provided in the past conferences a guidance that we expect approximately PLN 400 million EBITDA from this segment. And as for the moment, we don't see a reason to change this guidance.

Nevertheless, please remember that in renewable energy, we have the seasonality, which means that we have a big, let's say, the high season for the wind in the first and the fourth quarter, while in the second and the third quarter, there is a rather low season from that source, which means that everything now depends from the fourth quarter and of course, the energy prices, which are still uncertain for the rest of the year.

Thanks, Bartek, and a second question. The commentary in the report suggests that business review will be presented towards the end of the year. Has this slipped from autumn? And can you give us any color on what drove this?

Well, I believe that on the last presentation, we have said that the strategy will be presented by the end of the year and the autumn is like from September to November. So this expected for sure after the summertime, but we have not specified the date. Once we'll be ready, we will announce the date.

Thank you very much. Thank you for your questions. There aren't any more. And I think everybody has had enough time to post any questions they might have had. So again, thank you for your participation and see you during our next conference call in August. Thank you very much.

Thank you very much. Bye.

Thank you.

Thank you.

Good afternoon, everyone, and welcome to Cyfrowy Polsat's Earnings Call for the Fourth Quarter and the Full Year of 2025. Please move on to the next slide. Let me introduce today's speakers. We are joined by Mr. Piotr Zak, President of the Management Board; Mr. Maciej Stec, Vice President for Strategy; Ms. Katarzyna Ostap-Tomann, Chief Financial Officer; Mr. Bartlomiej Drywa, member of the Management Board; and last but not least, Mr. Janusz Pliszka, Chief Financial Officer at Telewizja Polsat.

Please turn to the next slide. The agenda for today is as follows: Bartlomiej will begin with the key highlights of 2025. This will be followed by a detailed discussion of the operating performance of our individual business segments by Maciej, Janusz and Bartlomiej. Kacha will then walk you through the group's financial performance for the past year. [Operator Instructions] I will now hand the floor over to Bartlomiej to present the key highlights. Bartlomiej, please go ahead.

I warmly welcome you all. I have a pleasure to present the most important events that took place in the Polsat Plus Group in 2025. I will start, as usual, with the largest segment of our business, the Telecommunications segment. The key event of the past year was the introduction in June 2025 of a new multiplay offer. The new offer was positively received by customers, thanks to its attractiveness and simplicity. The result is an increase in ARPU, an increase in the nominal numbers of services sold and an increase in the saturation rate of customers using additional services.

Maciej will explain this in more detail in his part of the presentation. Our multiplay strategy is supported by the high quality and reach of our telecommunications network. We deliver 5G technology to 26 million of poles. And in 2025, we expanded the coverage of our fixed broadband network to about 70% of households, thanks to the wholesale agreements. An important note here, in 2025, we renewed the frequency in the 900 megahertz band, and we purchased the frequency in the 700 megahertz band. This frequency will help us to further develop our 5G network.

It is worth noting that over the next couple of years, we do not have renewals of our frequency portfolio, which will allow us to improve our cash flows. This will be more evaluated by Kacha in her part of the presentation. Moving to the next segment of our business, the Media segment. Polsat Group and its channels maintained a very strong market position, both in terms of viewership and in terms of advertising market share, specifically, 22.5% share of the viewership market for the entire group of channels and 28% share of the television advertising market.

Janusz will talk more about this in his part of the presentation. Our online leg, Polsat Interia Group is the leader among Internet publishers in Poland, yet another quarter in a row. And all of this was made possible by an excellent content mix. This includes both in-house productions loved by millions of poles as well as a carefully constructed portfolio of sports rights that supports both the viewership of our channels and the attractiveness of our pay-TV packages.

Now moving to the youngest segment of our activity, the Green Energy segment. The key event in this segment was undoubtedly the completion of capital-intensive investments planned under the 2023+ strategy. Last year, we completed the construction of our largest wind farm, the Drzezewo Farm. As a result, we reached production capacity of nearly 0.5 gigawatts installed in renewable energy. We started the technical commissioning of this farm in mid-2025. In the first quarter of 2026, we obtained a generation license.

Among other activities in this segment, it is worth noting that we expanded green hydrogen production capacity by an additional 0.5 megawatt alkaline electrolyzer up to 3 megawatts in total. In this facility, we can produce up to 1.2 tonnes of green hydrogen per day. This is needed to execute our project related to the sale of hydrogen buses and hydrogen refueling stations under won tenders. In 2025, we delivered 28 NesoBuses. And for 2026, we have contracted another 49.

Moving to the next slide, we have finally a few corporate events. One of the key events was the sale of a 10% stake in Asseco Poland. We used the proceeds from the disposal to make an early partial debt repayment. In addition, we secured nearly PLN 1 billion of project financing for our largest renewable energy project, the Drzezewo Wind Farm. This is a clear evidence that banks and financial institutions believe in this segment and that the business model we present is credible. Concluding this part, the last piece of information we communicated in the current report in December 2025, the court in Liechtenstein issued a final ruling ending the proceeding concerning the company's shareholder, TiVi Foundation.

That's all from my side regarding the key events of 2025. Now it is time to discuss how these events translated into our operating results. I hand over to Maciej, who will tell you about the operating results of the B2B and B2C segment in Telecommunications. Maciej, the floor is yours.

Thanks, Bartlomiej. Let's start with our B2C and B2B services segment. We recorded very good operating results in this segment in the fourth quarter of last year. Let's look at them in more detail on the next slide. As you may remember, we launched a new multiplay offer in June last year, a very simple and flexible offer, and it's delivering very good results. We are consistently building the scale of our multiplay customer base, and we are highly effective in upselling services to our existing customer base within the refreshed offering.

As a result, our multiplay customer base increased by 38,000 year-on-year. And what's more important, by the end of December, 20% of our customers had already migrated to the new offer. By the end of March, the share increased further to 28%. This clearly confirms the strong attractiveness and popularity of the offer. At the end of 2025, over 3 million customers use our multiplay offering. This means that already 54% of all our customers have at least 2 services with us.

On the other hand, it also highlights the significant potential to further increase multiplay penetration. Effective upselling is also visible in the number of services used by multiplay customers. At the end of 2025, they used 11.9 million RGUs, up by almost 1.8 million year-on-year. At the same time, we continue to maintain a low churn level at 7.7% in 2025. Although this is slightly higher than last year, it remains very low compared to the industry average, confirming high customer satisfaction and loyalty.

Next slide, please. Our strong multiplay performance continues to be a key driver of growth in contract services. By the end of 2025, we provided over 13.5 million contract services to our B2C customers, representing solid year-on-year growth of 2.4%. This growth was mainly driven by strong sales of mobile and fixed Internet services, which increased by almost 270,000 year-on-year. We also saw a solid contribution from mobile telephony with services up by 180,000 year-on-year.

As expected, the pay TV market remains under pressure. The decline in traditional pay TV services is partly mitigated by the continued shift towards IPTV and OTT solutions. Overall, we see a healthy mix within our contract base fully aligned with market trends and supported by our multiplay strategy.

Next slide, please. As I said at the beginning, we are seeing very strong adoption of the new multiplay offer clearly reflected in ARPU growth. In the fourth quarter of 2025, ARPU per B2C customer reached PLN 81.6, up by 5.4% year-on-year. This is a strong momentum, and we expect it to continue in the coming quarters. The growth drivers are clear. We are executing our multiplay strategy consistently. It supports strong mobile and Internet sales and enables effective upselling across the customer base, translating into higher customer value. We also see a strong shift in customer choice. Under the new multiplay offer, customers increasingly choose bundles with 3 or more services. Sales of these bundles have nearly tripled compared to the period before the launch in June last year. This is reflected in higher service saturation per customers. At the end of 2025, each B2C customer had 2.4 services on average, up from 2.3 last year. ARPU growth is a direct result of better bundling, better upselling and a stronger customer mix.

Next slide, please. Moving on to the prepaid segment. We continue to maintain a high and stable prepaid base of around 2.3 million services despite a highly competitive market. Our priority in prepaid is clear. We focus on value, not volume. In the fourth quarter of 2025, prepaid ARPU increased by 5.2% year-on-year, reaching PLN 18.2. Even with a slightly lower base, we see good customer quality. Prepaid customers tend to stay with us longer and top up repeatedly, which supports value over time.

We also strengthened our Polsat Box Go proposition. We simplified the offer to 3 clear packages and expanded content by adding TVN, Warner Bros. Discovery and TVP channels, increasingly the total to nearly 200 channels. This significantly enhances the value proposition and positions Polsat Box Go as one of the strongest TV and streaming offers on the market.

Next slide, please. Moving on to the B2B segment. We maintained a high and stable base over 67,000 B2B customers, which is an important achievement in a very competitive market. As across the whole group, our focus in B2B is on building customer value. In the fourth quarter of 2025, ARPU per B2B customer increased by 2.4% year-on-year, reaching over PLN 1,500 per month. This growth is supported by tailored solutions and long-term relationships with our business customers.

To sum up, I'm very satisfied with our operating performance in the B2C and B2B services segment last year. Our new multiplay offer is clearly working. It is driving multiplay customers growth, higher service penetration and strong ARPU momentum in B2C, up by 5.4%. Churn remains under control at a low level of 7.7%, while strong sales support RGU growth. Prepaid and B2B remained resilient. We maintained solid customer bases in very competitive markets while consistently building value, clearly visible in ARPU growth. Overall, the fourth quarter delivered a solid performance. Importantly, we also see a continuation of these positive trends in the first month of the current year. This confirms that our multiplay strategy is working and that our execution is delivering sustainable growth and higher customer value.

Now I will hand over to Janusz, who will discuss the Media segment. Thank you. Janusz, the floor is yours.

Thank you, Maciej. I will now have the pleasure of presenting the results of the Media segment for the first time. I have been responsible for the finance function at Telewizja Polsat for the last 15 years, and I have been a member of the Management Board of Telewizja Polsat since 2019.

Next slide, please. Let us begin with the audience share of the Polsat channels. In the fourth quarter of 2025, our channels achieved a 22.7% share of the commercial audience, maintaining the same level as in the fourth quarter of 2024. We are exceptionally pleased with this result as it contrasts with the performance of our major competitors whose audience shares declined in Q4 2025 compared with Q4 2024. The Polish TV advertising market grew by 2.5% during the quarter, while advertising revenues of our channels increased at a slightly lower rate of 1%. However, trends in the advertising market shares are better assessed over longer periods as single quarter results tend to be affected by seasonality.

So let us move to the next slide. As indicated on the previous slide, annual figures provide a better reflection of our position in the TV advertising market. In 2025, the Polish TV ad market grew by 1.2%, while advertising revenues of our channels increased by 1.5%, in line with the market. This market growth was consistent with expectations, which anticipated low single-digit growth. As the annual results show, our channels maintained a high and stable 28% share of the Polish TV advertising market. Turning back to viewership. Our audience share increased from 22% to 22.5% in 2025. We are particularly proud of this achievement as we reached the leading position for the full year 2025. Moreover, our main channel, Polsat, was the only major TV channel to increase its audience share.

Next slide, please. Let us now move to the results of our online business. The Polsat Interia Group maintains a very strong position in the Polish online portal market, both in the fourth quarter and throughout the entire year 2025, the group ranked #1 among online publishers in Poland and was also the leader in the mobile category. We have built a very strong, stable and importantly, repeatable business scale in the online segment. On average, we reached more than 20 million users per month, generating approximately 1.8 billion page views.

This clearly demonstrates that the Polsat Interia Group combines the largest reach with high intensity of content consumption, which translates into strong attractiveness for advertisers and the stability of our results. Moreover, the online business perfectly complements television, strengthening the group's overall media and advertising offering.

Next slide, please. Our very strong viewership results, both in the fourth quarter and throughout the entire year are the direct result of consistently strong programming schedules and an attractive sports offering. In the entertainment segment, we have consistently focused on proven high-quality formats such as Dancing with the Stars, Who Wants to Be a Millionaire, Your Face Sounds Familiar, Cash Battle and First Love. Our productions have built a loyal audience for our channels and strengthened our position in the television advertising market.

At the same time, sports remains a key pillar of our programming offering. We provide viewers with broadcasts across a wide range of disciplines, including football, volleyball, tennis and motorsports. Throughout our coverage, Polish audiences were able to witness the success of domestic teams and athletes, a Gold Medal in the Volleyball Nations League, a Bronze Medal at the World Volleyball Championships, strong performances by Polish football clubs in the UEFA Conference League and Iga Swiatek for Triumph on the Grass Courts of Wimbledon. This combination of entertainment and sport enabled us to achieve a 22.5% audience share in 2025 despite a highly fragmented market and intense competition for viewers' attention. Equally important, the quality of our programming and the broad reach of our audience translated into stable advertising results, both in the fourth quarter and across the full year.

Thank you for your attention. I would like now to hand over to Bartlomiej.

Thank you, Janusz. Ladies and gentlemen, allow me to present the operating results of the Green Energy segment. As I mentioned at the beginning of our presentation, with the launch of the Drzezewo Wind Farm in 2025, we ended the capital-intensive period in this segment. We have built a portfolio with a total capacity of about 0.5 gigawatt in renewable energy, consisting of about 100 megawatts of biomass, about 100 megawatts of photovoltaics and nearly 300 megawatts of wind energy capacity.

Allow me to remind you of the map of our investments. As you will surely notice, there is one more project under construction, a small wind farm called Dobra with 2 wind turbines. We will complete these investments in the second half of this year.

On the next slide, we will see how these investments translated into electricity production. Here, you can see growth in energy production, both quarterly and annually. The main reason for this was higher wind production capacity. Energy production from solar sources was at similar level, while biomass production was lower year-on-year due to the planned overhaul of the biomass turbine, which took place in the third quarter and part of the fourth quarter of 2025. It is important to mention that such maintenance work is performed every few years. It is worth noting that increases in wind energy production were nominally driven by higher installed capacities. However, 2025 was relatively weaker than 2024 and the recent years in terms of windiness and sunshine.

On the next slide, we present how this energy production translated into EBITDA for the segment. EBITDA growth in the fourth quarter is entirely driven by higher wind capacity. In the full year, this did not compensate for 2 biomass-related effects. First, the biomass turbine overhaul, which reduced energy production; and second, the effect of the high base of the comparable period. Please remember that in 2024, we benefited from unusually low biomass prices and relatively better energy selling prices from this source.

Finally, it is worth recalling that energy prices in 2025 remained relatively low and continue to be so in the current period of 2026. But in 2026, we will benefit from the full annual effect of production capacity growth. So despite relatively low energy prices, we anticipate a significant increase in EBITDA in this segment in 2026.

That is all for me. Now I will hand over to Kacha, who will tell you how these operating results translated into our financial results. Kacha, the floor is yours.

Thank you, Bartlomiej. Let me now discuss the financial results in the fourth quarter and the full year 2025. Starting with our key financial metrics. The fourth quarter results are presented on the top chart and the full year results are on the bottom chart. In the fourth quarter of 2025, total revenue was lower by 1.5% year-on-year. This reflects a mixed performance across business segments. Full year revenues remained stable at PLN 14.3 billion.

EBITDA adjusted for one-offs decreased by 8% in Q4 and by 5.5% in the full year 2025. In both periods, the main reasons were higher operating costs and a high base in 2024 in the Real Estate segment. I will go into more details on revenue and EBITDA drivers on later slides. Looking at the net results in Q4, we recognized an impairment on goodwill in the amount of PLN 2.7 billion. We informed about this in the current report last week. This impairment depressed our net result. In Q4, we recorded net loss of PLN 2.9 billion. And in 2025, the net loss was PLN 2.6 billion as the result of this impairment.

It is very important to stress that this goodwill impairment was noncash and has no impact on our operations, EBITDA or our cash flows. It reflects more conservative assumptions applied in our impairment test, given the high uncertainty and challenging macroeconomic and market environment.

Let's move to the next slide, please. Our free cash flow for the last 12 months reached PLN 736 million. This is an outcome lower than in 2024, but fully in line with my previous guidance. Our key covenant, net debt-to-EBITDA, excluding project financing, remained stable as compared to last year at the level of 3.59x. I'm especially happy with this result given that in 2025, we faced outflows for telco frequencies and still relatively high CapEx on our renewable energy projects.

Can I have the next slide, please? Let's look at revenue and EBITDA drivers in the fourth quarter segment by segment. This time, I will start with our smallest business segment, real estate because it has the biggest impact. In Q4, revenue was lower by PLN 115 million and EBITDA decreased by PLN 74 million. This is the effect of a high base in the fourth quarter of 2024. Last year, we had a very strong quarter. I mean, 2024, we had a very strong quarter due to accumulated handovers of apartments in Port Praski when we completed a residential building.

In B2C and B2B, solid growth of retail revenue supported by very good sales on ARPU growth was offset by weaker equipment sales. Lower EBITDA was also driven by pressure on OpEx. On the cost side, we recorded higher technical costs, mainly related to network maintenance and rollout and higher payroll costs. In the fourth quarter, the Media segment performed very well and contributed to revenue and EBITDA. We benefited good advertising and sales of content to cable operators. At the same time, we kept content costs stable.

In the Green Energy segment, revenue and EBITDA growth was driven by higher energy production from wind. As Bartlomiej said, in the second half of 2025, we launched the Drzezewo wind farm, which doubled our capacity in wind power. Additionally, we delivered more hydrogen buses, which clearly supports revenues. 14 NesoBuses were delivered in Q4 2025 compared to 3 in the fourth quarter of 2024. In Q4 of 2025, we adjusted EBITDA for 3 noncash one-offs. The most important is the impairment on the inventory of photovoltaic panels in the amount of almost PLN 84 million.

As a reminder, we made similar impairments in 2024 and Q2 2025. This is the last one as we have written off the entire value of this stock. For your reference, we have provided a slide with detailed the composition of one-offs impacting EBITDA in the appendix of this presentation.

Next slide, please. As far as 2025 results are concerned, in the B2C and B2B segment, total revenue was stable. This was mainly the net effect of higher retail revenue following a very good sales momentum and lower equipment sales. EBITDA of this segment remained under cost pressure. In particular, we recorded higher network-related costs, higher wholesale access costs following excellent uptake of customers of our fixed Internet service, higher payroll and higher marketing and distribution expenses linked to our new multiplay offering.

In Media, revenue increase driven by the strong performance, which Janusz discussed earlier. At the same time, EBITDA was under some pressure from content costs. Let me remind you that in 2025, we expanded our portfolio of sports rights, in Q3, Polsat channels added the Volleyball Nations League and World Championships. In Green Energy, revenue was higher year-on-year, mainly because of higher hydrogen bus sales and higher energy production, especially from the wind. EBITDA was impacted by the planned biomass unit overhaul and also by a high comparable base in 2024 when profitability on biomass energy sales was exceptionally strong.

In the real estate, the drivers are exactly the same as in the fourth quarter. Lower revenues and EBITDA were due to a very high base in 2024 when we handed over a large portion of apartments to customers.

Can I have the next slide, please? In 2025, we generated PLN 736 million in adjusted free cash flow after interest, excluding green energy development CapEx. Starting from the top of the bridge, lower operating cash generation in 2025 is mainly the result of lower adjusted EBITDA. In 2025, we paid about PLN 1.3 billion in cash interest and leases after hedging. Out of this, about PLN 1 billion represents debt service on our bonds and loans. Following the interest rate cuts, which started in Poland in mid-2025, we paid interest lower by about PLN 100 million.

Free cash flow after interest settled at PLN 530 million in 2025. Nonrecurring events include the disposal of Asseco shares, the payment for the 700 megahertz band and minor outflows on share acquisitions in the Media segment. Before we move on, please note that we also renewed the 900 megahertz reservation for PLN 590 million. This payment went through in January and will be reflected in free cash flow of Q1 of 2026. The next telco frequency renewals are expected in 2029. After adjusting for PLN 510 million of green energy development CapEx, we arrived at PLN 736 million of core free cash flow.

Let's move on to CapEx on the next slide, please. As always, CapEx remains under control. In our case, TMT is a CapEx-light business. The CapEx to revenue ratio of this business was around 7% in the fourth quarter and 8% in the full year. These investments mainly include Netia's fixed network and IT. In the Green Energy segment, I want to stress that CapEx-intensive projects are coming to an end. This is already visible in 2025 figures. Development CapEx in green energy was significantly lower year-on-year, down by 45% in the full year and 77% in the fourth quarter.

In 2026, we expect to make final settlement for the Drzezewo wind farm and complete the construction of the last small wind farm, Dobra. This would amount to about PLN 200 million of CapEx in total for 2026.

Next slide, please. Let me now comment on our debt and leverage. At the end of 2025, net debt to EBITDA for last 12 months, excluding project financing, is 3.59x, exactly the same as in 2024. At the consolidated level, including project financing, net leverage increased to 4.10x. Gross debt was broadly stable year-on-year at PLN 15.2 billion. This reflects 2 important financing moves in 2025. First, in February 2025, we made a partial prepayment under our senior facilities agreement of PLN 681 million. Second, in August 2025, we secured project financing for the Drzezewo wind farm up to PLN 953 million.

I'm very glad to report that average cost of debt has significantly fallen. As you can see at the bottom of the table, the prospective weighted average interest cost on loans and bonds decreased to 6.6% in 2025 from 8.3% a year earlier. This is, of course, the effect of interest rate cuts. Our debt structure is stable, excluding project financing, 68% are bank loans and 32% are bonds. The currency mix is predominantly Polish zloty, 83% and 17% euro, and it is fully floating interest rate. We hedge about 28% of our exposure in PLN and about 20% in euro.

Turning to debt maturity. I would like to remind you that in 2026, we are returning to scheduled debt amortization. In 2026, we have PLN 717 million scheduled for repayment and PLN 830 million in 2027. In 2028, we have a bullet repayment of our debt under the senior facilities agreement. To summarize, 2025 was quite a challenging time for our group. Looking ahead, the intensive investment cycle in green energy is now behind us. We are entering 2026 with clear financial priorities. We are focusing on strict cost control, tight CapEx management, improved cash generation and reducing our debt.

Thank you for your attention.

Okay. That concludes the official part of the presentation, and we can now move to the Q&A session. In the Q&A panel, I see one question from Mr. [ Bartosz Koszowski from IC ]. Could you please discuss any direct, indirect or anticipated impact of the Middle East crisis on the company's operational and financial performance?

Okay. Maybe I'll answer that. The Middle East crisis does not directly impact our operations. It probably will impact our operations indirectly, but less than the Polish economy as a whole.

Okay. We have a really long question from [ Ari ] directed to Piotr. I will read it out, all of it. Point one, what was your impression of the individual business divisions prior to you joining? And what have been your early findings since you joined? Were there any positive, negative surprises?

Point two, you mentioned in your annual report letter regarding market expectations. Anything you would say about what the market thinks about the individual decisions that it doesn't get right now?

And point three, any thoughts that you can share on timing of updates before the autumn strategy update, i.e., will it be a big reveal at the point? Or should we expect any update before then? Are there any major CapEx commitments for any of the decisions that should be paused while you are reviewing the enlarged group?

Thank you very much for the questions, and I'll go through these one by one. First of all, after having joined, I -- just for some context, I know the group very well. I've been involved with it for years -- for many years. So there were no big surprises. I think the most positive surprise that I found was the level of ambition that I found within the teams that are already here. People had so many great ideas. They wanted to share them. They wanted to have a platform to really spread their wings and really share their ideas. And so in that context, my job was really easy. All the necessary ingredients were already here. I just had to let people speak and let people give their own ideas. And so that was a very positive sentiment.

With regards to the second question and market expectations, I would say that market analysts have an amazing grasp of the numbers, of the Excel spreadsheets, of the specifics of every single market, every single division, our position within that market. However, what I think really lacks from an outside perspective is really looking internally on the ambitions of the individual team members, on the ideas of the individual team members and the opportunities that show up in the most unexpected places.

And so while the market may have very good consensus as to what our results will be within 6 months or within 1 year, I think if we extend that time frame and we look at 2 years in the future, 3 years in the future, that's where we have a lot of opportunity to evolve and bring out the ideas from within the organization, ideas that analysts will never think of or never even consider without actually spending 12 hours a day in the business, running the business, that's where you really get the -- maybe sometimes smaller ideas of day-to-day improvements. But if you add up enough of those improvements over time, it can make a huge change for the whole organization.

With regards to the third question and the update on the autumn strategy, we have finished our major CapEx commitments for the green energy sector for the time being. Our telecommunications and media operations run on yearly budgets that have been pretty predictable over the last years. So I would say you're correct in the question that there are no major CapEx commitments in the near future, which does not mean, and I would like to highlight this, we regardless of working on the autumn strategy that will be announced by the end of this year, we will be looking at every project that comes across my desk individually deciding, hey, maybe this isn't part of the grand strategy, maybe we don't necessarily need this, but this is just such a good opportunity.

This is such a good investment. We want to do this even if we have to sell it in a year or 2 years, it's just such a good investment from our perspective that we have to do it. So again, there are no long-term CapEx commitments that we have planned for the time being, but I don't want to block ourselves and exclude that something might show up in the coming months that we'll be happy to invest in. And of course, we'll be very transparent. We'll be talking to analysts. We'll be talking to the market. We'll be sharing this information. So any decision we make, we'll be informing about it straight away. And I think that answers all the questions. So thank you.

That was actually the last question that we have in the Q&A session. So with that in mind, thank you very much for your participation today. And I will hand over to Piotr.

Thank you very much to everyone. I didn't have a speech during the actual presentation. My members of the Board here did a very good job. So I'm very happy. I was here to answer all the questions, and I did that. So thank you very much. If you have any questions, feel free to reach out to our team. We'll try to answer everything as soon as possible. And see you in a couple of weeks for the quarterly results.

Thank you. Bye.

Good afternoon, ladies and gentlemen. Welcome to the earnings call for the third quarter of 2025 of Polsat Plus Group.

Can we please move on to the next slide. We will begin with the presentation of our results delivered by Andrzej Abramczuk, President of the Management Board; Maciej Stec, Vice President for Strategy; and Katarzyna Ostap-Tomann, Chief Financial Officer and ESG Officer.

[Operator Instructions]

With that, let's move on to the presentation. Andrzej, the floor is yours.

Good afternoon, ladies and gentlemen, and welcome on the conference regard of the results for the third quarter of 2025. Thank you for joining us today. Here is our agenda. First, I will share the key highlights of the quarter. Next, we will review operating and financial results in detail. Finally, we will summarize and move to the Q&A session.

Let's begin with the key highlights for the quarter. Let's start from the telco segment. In the B2C and B2B service segment, our new multiplay offer is performing above expectations. Since its launch in June, 11% of our customer base has already migrated to this offer. Additionally, bundles with the 3 or more services are gaining strong momentum, sales have nearly tripled. Average revenue per user also showed consistent growth, up 4% year-on-year.

Turning to the Media segment. This was an exceptional quarter for the sport. We broadcast the Volleyball Nations League and the World Championship, and we strengthened our portfolio with premium rights, including Formula 1, Bundesliga, UEFA Conference League and European League. This investment strengthened our position and driven audience engagement. However, the concentration of major sport events in the one quarter results in the visible increase in content cost. Looking ahead, we secured exclusive right in Poland for WTA tour tennis from 2027 until 2031, a great addition to our support offering.

In the Green Energy segment, we are coming to an end to develop investments. The Drzezewo wind farm has been completed and the commercial launch is planned for early 2026. Also, in the third quarter, we carried out our major maintenance on one of biomass unit. The energy market remains challenging with low energy price.

Let's take a quick look at the number. In the third quarter, revenue was PLN 3.4 billion and EBITDA amount PLN 766 million. ARPU per B2C customer exceeded PLN 80, up 4%. Our multiplay customer base surpassed 3 million and continue to grow, supported by the success of our multiplay strategy. Like I said, our reach programming and sport offer are very popular with the viewers. And in the third quarter, audience share rose to 22.7%, up 1 percentage point. Green energy production reached 237 gigawatts and was lower year-on-year due to the scheduled maintenance of the biomass unit. Overall, this quarter delivered solid operating performance, especially in B2C, B2B and media, but at the same time, we faced certain challenges.

Let's now to the more detailed review of our operating results. Maciej, over to you.

Thank you, Andrzej. I'm pleased to share the operating results from each of our business segments. I'll begin with the Media segment, focusing on both television and online performance. Could we move to the next slide, please? In the third quarter of 2025, our viewership figures and position in the advertising market remains strong. Polsat, our main channel, was the market leader with a 7.3% audience share, while our thematic channels collectively reached 15.5%. Altogether, TV Polsat Group achieved a total audience share of 22.7%, marking a 1 percentage point increase compared to last year.

The TV advertising and sponsorship market in Poland was slightly softer in the third quarter, declining by 2.6% year-on-year. The reason behind this is that last year, there were major sporting events that took place in Europe, the Olympic Games in Paris and the UEFA Euro championships in Germany. Our advertising revenue followed a similar trend. However, in real terms, this was only PLN 8 million lower than in Q3 2024. As a result, our market share remained stable at 27.6% in Q3.

Let's move to the next slide, please. Given the seasonal nature of the media business, it's important to assess our results over a longer period. Over the first 9 months of 2025, we delivered strong audience figures. Our group's total audience share rose to 22.4% year-on-year with our main channel Polsat accounting for 7.4% and our thematic channels contributing 15.1%. These achievements are in line with our long-term strategy.

Turning to the advertising market for the first 3 quarters of 2025, the sectors performed as we had anticipated with growth rates in the low single digits. We outperformed the market, increasing our advertising revenue by 1.7% to PLN 981 million, which resulted in a market share of 28.2% for the 9-month period.

Let's move on to the next slide. We consistently maintain a very strong position in the Polish online media market according to media panel data. In the third quarter, Polsat-Interia Group was the clear leader among Internet publishers in Poland, achieving the highest average monthly number of users, 20.5 million and a total of 2 billion page views during the quarter. What's important, Polsat-Interia Group is also a market leader in the mobile category, holding the top spot for 3 consecutive months in Q3 of 2025. These results demonstrate the strength and stability of our digital platforms, and we will continue to strengthen our position in the online media segment.

Can I get the next slide, please? Our autumn programming schedule delivered strong results, combining popular entertainment formats with major sports events. Flagship shows such as Dancing with the Stars, newly acquired format of Millionaires, Your New Home, Your Face Sounds Familiar, attracted large audiences, while premium sports broadcast further strengthened our position.

This quarter, we broadcast several exceptional sporting events. Notably, we earned matches of the Volleyball Nations League, including 12 games held in Poland, where our national team won the competition. We also covered the men's and women's Volleyball World Championships in the Philippines in August, September, where our men's team won the Bronze Medal. These Volleyball events are a vital part of our programming, supporting viewership and confirming our leadership in sports broadcasting. However, they also led to higher one-off content costs during the third quarter.

Additionally, we have recently expanded our sports rights portfolio, acquiring rights to major events such as Formula 1, Bundesliga and the UEFA Conference and Europa Leagues. These investments contributed to higher content costs, especially when compared to last year when our cost base was lower as we no longer held the rights to the UEFA Champions League.

Overall, as a result of these initiatives, our audience share rose to 22.7%, confirming the effectiveness of our programming strategy and the strength of our diversified content portfolio. However, this quarter's results were affected by increased content costs.

Next slide, please. Let's now look at the B2C and B2B services segment and its performance in Q3 2025. Next slide, please. We continue to see strong performance in our multiplay offering, supported by the new offer introduced in June 2025. As Andrzej has already highlighted, customer interest in our new multiplay packages is very high, and we are successfully moving customers to this offer. At the end of the third quarter, more than 3 million customers were using our multiplay services, representing 53% of our total customer base. Over the past year, we grew the multiplay base by 41,000 customers, again, thanks to the continued effective upselling of our services.

Our multiplay customers account to 11 million RGUs and increased over 1.1 million year-on-year. This growth was also driven by the new multiplay offering and strong demand for bundles consisting of 3 and more services. Importantly, churn remains low at 7.4%, which reflects the strength of our multiplay strategy and the value it brings to our customers.

Let's move to the next slide, please. Our strong multiplay performance is closely linked to the overall growth of our contract services portfolio. In the third quarter, we delivered more than 13.3 million contract services, representing a 2% increase compared to the previous year. Mobile telephony continued to be a key driver of growth with 195,000 more services provided than last year. We also observed as a key driver, demand for Internet services, adding 207,000 mobile and fixed connections year-on-year. The pay TV base continues to face pressure, but this is partly offset by the growing adoption of IPTV and OTT solutions, which help us maintain a competitive position in the pay TV segment.

Next slide, please. As a result of our consistent long-term execution of the multiplay strategy, we continue to see growth in ARPU per B2C customer. In the third quarter, ARPU increased by 4% year-on-year and reached PLN 80.3. This progress was driven by solid sales of mobile and Internet services as well as the consistent execution of our multiplay approach. I would like to highlight that for the first time, our average revenue per customer has exceeded PLN 80. This is a clear evidence of the effectiveness of our strategy.

We are also observing a constant rise in the number of services used by each customer with an average of 2.36 RGUs per customers at the end of the third quarter. This result demonstrates our successful upselling and bundling efforts. As Andrzej mentioned earlier, sales of packages with 3 or more services have almost tripled since we introduced the new multiplay offer in June. This not only shows strong customer interest in our new offer, but also proves that there is further potential to increase the saturation of our customer base with additional services in the future.

Let's move to the next slide, please. In the prepaid segment, we maintain a high stable base of 2.41 million services despite operating in a highly competitive and challenging market environment, which I underline quarter-by-quarter. ARPU in this segment increased by 3.4% year-on-year, reaching PLN 18.4. This growth was supported in part by the launch of new and attractive pay TV packages on Polsat Box Go, Polsat Lovers, Premium and Premium Sport priced at PLN 20, PLN 30 and PLN 50, respectively. Each package builds on the previous one, offering flexible access to up to 180 TV channels, including 24 premium sports channels, a wide range of exclusive sports broadcast and a rich VOD library.

I'm confident that this new offering, together with our continued efforts to increase the value of prepaid customers will help us further grow prepaid ARPU even in the face of the market challenges.

Next slide, please. In the B2B segment, we continue to maintain a stable customer base of around 68,000. I would like to underline that the B2B market is very demanding, and we operate in a highly competitive environment. Our main objective in this area as in all other segments is to increase customer value. ARPU per B2B customer increased by 2.1% year-on-year, reaching almost PLN 1,550 per month. This growth demonstrates our commitment to providing high-quality services tailored to the specific needs of our clients and to building strong long-term relationships with our business customers, which ensures continued resilience in this segment.

Next slide, please. Let us now turn our attention to the Green Energy business. The next slide, please. In the Green Energy segment, production in the third quarter was 21% lower year-on-year, amounting to 237 gigawatt hours. This decrease was mainly due to scheduled major maintenance on one of our biomass units, which continued throughout the quarter and significantly reduced output. Such maintenance is routine, occurring every 8, 10 years with the other units expected to undergo similar work in around 5 years. Despite this temporary reduction, total green energy generation for the first 9 months of the year increased by 15% year-on-year, reaching 830 gigawatt hours. This growth was driven by the expansion of our wind energy capacity and our largest wind farm, Drzezewo has now been completed and is currently generating energy as part of its technical commissioning.

It's worth mentioning that energy production in the first 9 months of 2025 was noticeably affected by weaker weather conditions. Nevertheless, wind energy continued to be the main driver of growth. Production from wind sources increased by 56% year-on-year in the third quarter and by 73% for the 9-month period, reflecting the positive impact of our new capacity.

Can I have the next slide, please? EBITDA in the Green Energy segment amounted to PLN 175 million for the first 9 months of 2025, representing a 14% decrease year-on-year. In the third quarter, EBITDA stood at PLN 52 million, 37% lower than the previous year. This decline was primarily the result of scheduled major maintenance work on the biomass unit, which significantly reduced production during the quarter. And the comparison to last year is impacted also by an exceptionally strong base driven by higher contracted prices and more favorable supply terms for biomass energy.

Ongoing low market energy prices also continued to affect profitability. The completion of the Drzezewo wind farm doubled our installed wind capacity to 289 megawatts. With this project, we have reached our target capacity in wind energy, combined with stable energy prices going forward, this positions us to strengthen EBITDA in the coming period. This milestone marks the final stage of our investment program in renewables.

Ladies and gentlemen, before I hand over to Kacha, I would like to very briefly summarize our operating performance across segments in the past quarter. In Q3 2025, our Media segment achieved excellent viewership results with a 22.4% audience share in 9 months of 2025. We maintained a strong position in the advertising market with a 28.2% market share and ad revenue growing by 1.7%. The third quarter, the financial results of the Media segment was affected by higher one-off content costs due to new sports rights and major volleyball events.

In the B2C and B2B services segment, multiplay continues to drive growth. Over 3 million customers now use multiplay services and ARPU per B2C customer exceeded PLN 80 for the first time. The commercial momentum of our multiplay offer is very good, supporting our operating results in the coming quarters. Prepaid and B2B segments remain resilient with growing ARPU supported by attractive offers and tailored solutions.

In green energy, we completed the Drzezewo wind farm, reaching our target wind capacity and finalizing our renewable investment pipeline. The operating and financial results of this segment were heavily impacted this quarter by the renovation of the biomass unit, which is a one-off event. I expect that going forward, EBITDA will improve on the back of higher wind capacity, providing that energy price remain at least stable. Still, I would like to signal that reaching our strategic EBITDA goal in 2026 is going to be challenging, and I would rather anticipate a result in approximate PLN 400 million next year. That said, please remember that our renewable energy projects are long-term, 30 years investment, and this is how they should be analyzed.

Kacha, please, come on, the floor is yours.

Thank you. Good afternoon, everyone. Can I have the next slide, please?

Before moving to a detailed discussion of financial results, I want to emphasize what Andrzej and Maciej have already mentioned. In the third quarter, we faced several one-off events. In the Media segment, we had higher costs from the new sports rights and major volleyball events. In the Green Energy segment, we carried out a major overhaul of one of our biomass units. These factors had a clear impact on our Q3 results.

Revenue declined by 4.1% to PLN 3.4 billion. Adjusted EBITDA reached PLN 766 million, primarily impacted by higher content costs this quarter. We closed the quarter with a net profit of PLN 57 million. Free cash flow for the last 12 months adjusted for green energy investments was PLN 860 million at the end of Q3. I would like to signal that in the full year 2025, Free cash flow may be around PLN 600 million to PLN 700 million. Net debt-to-EBITDA stood at 3.54x, slightly lower than at the end of 2024. However, I expect this ratio to rise in Q4 or Q1 2026 due to the upcoming payment for the renewal of the 900 megahertz frequency reservation pending the regulator's decision.

Can I have the next slide, please? Here, you can see a detailed breakdown of revenue and EBITDA by segment. Revenue was significantly impacted by lower results in the Green Energy segment, driven by several factors. First, we recorded lower energy sales due to weaker market prices, reduced production volumes caused by the biomass unit maintenance and a strong comparative base in Q3 2024 when we had exceptionally favorable biomass energy contracts.

Second, there were no revenues from hydrogen bus deliveries in this quarter as these are scheduled for Q4. Revenue from buses is recognized on the same principle as in the real estate at the time of delivery to the customer. These revenues will fluctuate depending on the delivery schedule.

In the B2C and B2B services segment, the main reason for the revenue decline was weaker equipment sales. This reflects a general market trend as customers replace phones less frequently, which reduces overall device sales.

Turning to EBITDA. The impact of content cost in the Media segment is clear. This quarter includes cost of new sports rights, which Maciej presented in detail and significant costs related to global prestigious volleyball events, which were compared against at a very low base last year when Champions League costs were no longer present. I want to stress that a large part of these costs related to volleyball events are one-off and will not repeat in the coming quarters. EBITDA in B2C and B2B services was affected by lower margins on equipment sales and higher costs, including network and employee-related expenses influenced by last year's inflation and increases in the minimum wage. Maciej has already discussed the reason for the EBITDA decline in the Green Energy segment.

Next slide, please. Our adjusted free cash flow after interest and development CapEx in the Green Energy segment was PLN 860 million over the last 12 months, which I consider a very good result. Interest costs remain a key factor that puts pressure on free cash flow. We are already seeing savings on interest costs due to the interest rate cuts, but please remember that these reductions are reflected in our results with some delay and will continue to lower our debt servicing costs in 2026.

I also want to highlight telco frequency reservation payments. PLN 645 million relates to the renewal of the 2,600 megahertz band in Q4 last year and the 700 megahertz block. We are still waiting for the regulators' decision on the terms for extending the 900 megahertz reservation. After that, we do not expect further renewals for several years. Finally, development CapEx in green energy is gradually declining as we are now at the final stage of these investments.

Next slide, please. On this slide, we show the breakdown of capital expenditures by business segment. In the TMT area, which includes both B2C and B2B services and the Media segment, we operate under a CapEx-lite model. The CapEx to revenue ratio stood at 8% in both the third quarter and 9 months of 2025. CapEx in this segment mainly relates to Netia's fixed network and IT. As mentioned earlier, development CapEx in the Green Energy segment is almost completed. In Q3, CapEx in this segment was PLN 113 million and PLN 420 million for the first 9 months. I still expect elevated spending in Q4 due to the settlement for the execution of the Drzezewo wind farm, after which our development investments are essentially over.

Can we go to the next slide, please? My final slide, as usual, covers the group's debt. As mentioned earlier, net debt-to-EBITDA ratio, excluding project financing, was 3.54x, including all group debt together with investment loans for renewable energy projects, the ratio was 4.03x. The debt structure and maturity profile remain unchanged. In Q1 2026, we resumed scheduled principal repayments on the term loan maturing in 2028. The bonds mature in 2030. Please note the weighted average interest cost, 7.3% based on the repo and the balance sheet date. This rate is steadily declining with interest rate cuts. Recall please that at the end of 2024, we reported 8.3% and this will have a positive impact on our free cash flow going forward.

That's all from me today. It was a challenging quarter financially, but I want to emphasize that much of the pressure came from one-off factors that will not repeat in the coming quarters.

Thank you for your attention. And now I hand over to Andrzej.

Thank you, Kacha and Maciej. Our results to the third quarter in line with our expectations and were under impact of the several one-off events. Firstly, the Media segment was higher costs related to the sports right and secondly, in the green energy, scheduled maintenance of biomass unit reduced production. On the positive side, our new multiplay offer continue to perform very well. It supports ARPU growth and will driven retail revenue in the coming period. We also had a strong start at the autumn programming schedule, combined with robust sport offering, this delivered excellent viewership has strengthened our position in the advertising market.

Finally, we completed the Drzezewo wind farm, this doubled our installed wind capacity and marked the end of capital-intensive investment phase in renewable energy.

This brings us to the end of the presentation, and we will now take your questions. Thank you.

Thank you very much. We have a couple of questions that you have posted in the Q&A panel. So thank you for those questions. And I will read them as they were posted.

The first 2 comes from Nora from Erste.

I have 2 questions, please. Could you please elaborate on the technical costs? Will these continue to rise after the third quarter of 2025 due to network rollout expenses? If so, approximately until when?

As far as the technical costs are concerned, it's not only the rollout cost, rollout expense that we have there. We also have wholesale network access, which is -- which we use for our fixed line in Plus. So this is -- basically, these are the 2 components of the rising rollout cost -- the rising technical costs. As far as rollout is concerned, it will rise during 2026, definitely because we are expanding our 5G network.

And second question, what is your expectation for EBITDA in 2026? Do you expect positive year-on-year dynamics in retail?

As far as EBITDA for 2026 is concerned, we are finishing at the moment our budget. So I won't be able to give you the specific details of what we expect for the consolidated EBITDA. We'll do everything that we can to have positive dynamics in the TMT segment.

The next question comes from Bojan from ODDO BHF.

Could you please provide a bit more details on your additional financing you've taken during the third quarter, type of debt volume, interest rate tenure?

So we're talking of the financing of Drzezewo wind farm, which was completed in August. It was a term loan with the consortium of 3 Polish financial institutions. It was PLN 874 million plus revolving loan of PLN 56 million and a small amount for recuring VAT. It's taken for 15 years at a variable rate.

Three questions from Ali from HSBC.

Can you talk about the multiplay additions? How much of this is new customers versus the existing subscriber base? And can you comment on the margin dilution impact from multiplay and how you offset or think about this?

Okay. When we talk about multiplay additions, in fact, it doesn't matter because it's included in our ARPU, which we report because you have dilution inside and growth also inside. So our ARPU in third quarter of 2025 increased by 4%. And first time, it was more than PLN 80. When you take a look at our new offering, it's more concentrated on total check per subscriber because in our new offering, you choose 2 services out of 4 basic services and you pay PLN 80.

Then you add another service for PLN 30. So in fact, it's a very simple offering, which builds the ARPU and you can easily upgrade your offering. So first check is PLN 80. Next check is PLN 110. For 4 services, it's PLN 140. That's what we mentioned in the presentation. With new offering, we observed that we have more contracts done for 3 and more services. And in fact, it's 3 and 4 services. We observed in our offering -- in our data now that we triple such a transaction. So in fact, it's included in our ARPU, so you can develop your model according our ARPU easily.

If energy prices were to remain at current low levels, what kind of EBITDA would the division generate in '26, '27 versus previous expectation, PLN 500 million.

It would be more or less PLN 400 million with the current prices.

Margins in B2B and B2C continue to be challenging, revenues decline and inflationary cost growth. Could you give us any color on how you expect that to evolve over the next couple of years?

As far as the B2B and B2C margins for the foreseeable period are concerned, they are obviously challenging. But as Board of Directors, we do everything in our capacity in order to maintain the margins for the foreseeable future.

And that's what I presented in the B2C and B2B segment. When you take a look at the offering, so 53% of our base has 2 or more services. It means that 47% has only 1 service, which is important. So we can -- we have space here just to grow. But the second is more important when you take a look at saturation of RGUs per our multiplay subscribers is only 2.36 in the third quarter of 2025. In basic offering, we have 4 services and additional services, we have 3 or 4 more. So in total, we have 6 to 8 services just to sell to the households.

So there is very big space and very big potential just to grow, especially with this new offering, which I explained previously, it was like that first, you pay PLN 80, PLN 110, PLN 140, PLN 170, PLN 200. So you can operate for the whole family and even your friends. So this is very easy just to upgrade our offering and you can choose your services in a flexible way.

A follow-up from Nora. One more question, please.

Does the reduction in recurring EBITDA in the Green Energy segment to PLN 400 million in 2026 also apply to subsequent years?

Look, it depends on the cost of energy. Actually, I'm sorry to say that I'm not a fortune teller to tell what the prices of energy will be in the subsequent years. The only thing I can tell you if the prices will maintain the level from today, I estimate future EBITDA is PLN 400 million. This is pure mathematics.

Yes. And this is for 2026 because we have outlook for 2026 because now we are contracting 2026 now. 2027 will be contracted on the base of next year energy pricing, and this is important how it operates. So you need to understand there is a delay with our revenues in this segment.

And a question from [indiscernible].

Should we expect adjusted EBITDA to decline in the fourth quarter of 2025? What level of free cash flow should we expect in 2026?

As far as EBITDA is concerned for the whole 2025, the comparable EBITDA will be a bit lower than 2024. So that's more or less my estimation. As far as the free cash flow is concerned, it really depends on the working capital and mainly this depends on the cost of capital. So for 2026 at the moment, I won't be able to give you an estimate.

And a follow-up from Bojan.

Could you please give us a bit more clarity on workforce costs till the year-end and also implications for 2026?

In 2025, we have suffered an increase in workforce costs. This was partly to -- mainly this was due to the factors that we do not control. The increase on the minimum wage, that's the first thing. The other thing is still the press of inflation or impact of inflation on the workforce cost. So basically, what we expect in 2026 is lowering -- I mean, not lowering workforce cost, but lowering the increase. So the impact will not be so high in 2026 because we see both inflation and the press on the wages a bit lessening right now in the fourth quarter.

That was the last question that we have. So thank you from my side for joining, and I will pass over to Andrzej.

Thank you, Agata. Thank you, Kacha and Maciej. Ladies and gentlemen, thank you very much for the participation in our quarterly conference. And let's see when we presented our yearly results. Thank you.

Thank you.

Thank you very much. Bye.